The CRO price is following the market lower today as Bitcoin fades below $30k. However, Crypto.com continues making strides in bringing DeFi to the masses.
Crypto.com is down 5.72% in early trading, to a session low of $0.9995.
CRO, the native token of the Crypto.com trading and financial services platform, has turned sharply lower, losing 18% in the last 7 days. However, unlike several peers, the CRO price is not yet on the verge of breaking down.
This is likely due to the platforms aggressive march forward. Last week I discussed Crypto.com’s aggressive marketing push, which has seen the firm link up with leading sporting brands F1 and the UFC.
However, the latest announcement could help fast-track the project’s goal of accelerating the global adoption of cryptocurrencies.
Cronos testnet launch
This morning, Crypto.com founder Kris Marszalek introduced the new testnet of EVM chain Cronos.
Cronos will run parallel to the Crypto.org chain and has one goal: To massively scale the Decentralized Finance (DeFi) ecosystem by enabling developers to port apps from Ethereum and compatible chains and access Crypto.com’s 10M+ user base.
Kris Marszalek, Co-founder and CEO of Crypto.com said: “We are going to provide full support for developers building on Cronos: technical, funding, marketing— everything you need to turn your idea into reality. Combined with easy dapp portability, I’m confident we will see an explosion of activity on Cronos.”
The fundamentals are clearly moving in the right direction. However, does this affect the CRO price prediction in the short term?
CRO price prediction
The day chart highlights 2 clear trend lines. The first of which is a descending trend in place from late May. This is visible above the market at $0.1315. This should be viewed as a robust resistance level. However, the 50-day moving average at $0.1137 is a more immediate matter of concern for the bulls.
Additionally, a significant long term uptrend from the March 2020, $0.2350 low, offers considerable support at $0.076.
Considering the weakness in the broader market, the CRO price may track lower in the immediate future. However, recognizing the fundamental advances, I would view a visit to the supportive trend as a buying opportunity.
Of course, if the market succumbs to a period of prolonged capital flight, Crypto.com could fall below this important threshold. And therefore, a close below $0.076 would invalidate the bullish view. For now, anyway.