Like all other cryptocurrencies in the markets right now, the Cronos price has seen a huge drop in the past 48 hours, which at some point was over 40 per cent. However, in today’s trading session, its prices seem to be recovering, with data showing Cronos surging by 9 per cent as of press time.
The main reason we have seen such a huge drop in the cryptocurrency industry over the past 48 hours has been due to reports that the second largest cryptocurrency exchange, the FTX, may be going out of business soon. This is after reports indicated they were highly leveraged, and without further capital injection, the platform was likely to sink and go into bankruptcy.
Data also shows that FTX’s token, FTT, also went down by more than 90 per cent following reports of problems in the company. The impact of the drop caused a massive meltdown in the cryptocurrency market, which saw major coins such as Bitcoin dropping below $16000 for the first time in over three years.
Cronos, being significantly correlated with the industry trend, and especially Bitcoin, saw its prices also getting dragged down. It is also likely that the continued drop in the industry’s market capitalization will continue, which will drag Cronos price further down,
Cronos Price Prediction
For the next few trading sessions, much of what will happen with the Cronos price will largely depend on what is happening in the wider cryptocurrency industry. Based on today’s patterns, trends and fundamental factors in the industry, there is a high likelihood that the industry may be entering a long-term bear market.
Therefore, my Cronos price prediction expects the prices to continue falling. There is a high likelihood that we ith see Cronos falling below the $0.070 price level and possibly dropping further down to hit the $0.050 price level. However, should the current bullish trend continue and prices trade above the $0.1 price level, my bearish analysis will be invalidated.