Cronos (CRO) has weakened more than 50% since the beginning of November, falling from a high of $0.17 to a low of $0.050. The current Cronos (CRO) price stands at $0.070, which is approximately 90% off from its 2022 highs registered in March.

The bankruptcy of the FTX crypto giant caused a massive sell-off on the cryptocurrency market, and according to analysts, this underperformance of all crypto assets is here to stay until the bulk of uncertainty has cleared up.

Today, Crypto Lists will discuss CRO price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk and how much margin you got if trading with leverage.

Cronos is designed to support the creator economy with Web3 applications

Cronos is a decentralized, open-source, energy-efficient public blockchain with high speeds and low transaction fees. Cronos can process up to thousands of transactions per second and is 90% more energy efficient than proof-of-work blockchains. This project is designed to support the creator economy with Web3 applications such as DeFi and GameFi, ultimately serving as the foundational infrastructure for an open metaverse.

It is important to mention that Cronos is an Ethereum-Virtual Machine (EVM) compatible blockchain powered by Ethermint, which allows for the rapid porting of apps and smart contracts from Ethereum and EVM-compatible chains. CRO is a utility token of Cronos that is used to facilitate transactions within its blockchain and financial ecosystem.

Increased selling pressure

Many cryptocurrencies, especially CRO, came under selling pressure after the FTX crypto giant went bankrupt. Charlie Munger, the American billionaire investor and business partner of Warren Buffett, said that the FTX crash resulted from a “bad combination” between fraud and delusion.

Just several days after FTX Group filed for Chapter 11, Genesis Global Capital, the crypto lending arm of Genesis Trading, had paused withdrawals over liquidity problems. According to analysts, this underperformance of all crypto assets is here to stay until the bulk of uncertainty has cleared up.

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Another downward move likely?

As a result, cryptocurrency investors continue to offload their assets from the exchanges, which might trigger another phase of this bearish cycle. The former Ark Invest crypto lead, Chris Burniske, also said that market participants should be ready for another potential downward move. FTX has an $8 billion debt to their own investors who simply deposited funds to the exchange, and considering the lack of capital, FTX will have to liquidate any liquid and illiquid assets they have to return users’ deposits. Chris Burniske also gave important advice for cryptocurrency investors:

“Because of the oversaturation of the industry with rumors and fake news, investors should be as cautious as possible to avoid additional losses caused by irrational trades and investments. Investors should also provide more attention to the biggest digital assets on the market that usually represent how well the industry is held together against panic.”

On the other side, the softening inflation in the United States is certainly positive news for riskier assets like stocks and cryptocurrencies. Investors still hope for a less aggressive Federal Reserve, and there is a high probability of a 50 basis-point rate hike when Fed policymakers meet in December. Cronos (CRO) and other cryptocurrencies could pump in December if the Federal Reserve hints at slowing the pace of rate increases. According to Morgan Stanley, recent speeches from Fed officials indicate that the pace of rate increases will slow, and investors will continue to watch comments from Fed officials for signals around a possible step-down in the pace of rate hikes.

Technical analysis for Cronos

Cronos (CRO) has weakened from $0.178 to $0.050 since November 01, 2022, and the current price stands at $0.070. It might have a hard time holding above the $0.060 level in the upcoming days, and a break below this level would indicate that CRO could probably test the price level at $0.050 again.

On the chart below, we can see that Cronos (CRO) has been moving down since April 2022, and as long the price of CRO is below $0.20, it remains in the SELL-ZONE.

Technical analysis for Cronos

Important support & resistance levels for Cronos (CRO)

Important support & resistance levels for Cronos (CRO)

On this chart (the period from April 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Cronos (CRO) remains under pressure, but if the price advances above $0.10, the next target could be $0.12 or even resistance that stands at $0.15. The current support level is $0.060, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.050. If the price drops below $0.050, which represents an important phycological support level, the next target could be located around $0.040.

What speaks for the rise in the Cronos (CRO) price?

The last several days have been extremely taff for the cryptocurrency market, and cryptocurrencies have been suffering as the FTX crypto giant went bankrupt. The upside potential for CRO remains limited for now; still, if the price advances above $0.010, the next target could be $0.12 or even resistance that stands at $0.15.

As discussed, it’s also important to repeat that the softening inflation in the US is certainly positive news for riskier assets like stocks and cryptocurrencies.

What indicates further downfall for Cronos (CRO)?

Cronos (CRO) has weakened more than 50% since the beginning of November, and despite this, market participants should be ready for another potential downward move. The bankruptcy of the FTX and all of the repercussions continue to worry investors, and as a result, cryptocurrency investors continue to offload their assets from the exchanges. Its price of is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below $15000, we can see new lows for CRO.

What do analysts and experts say?

Craig Erlam, a Senior Market Analyst at Oanda, said that the outlook for risk appetite in the near term is not looking good, and the cryptocurrency market continues to be bearish. The debacle involving Sam Bankman-Fried’s crypto empire has triggered a slide in cryptocurrency prices that wiped out some $183 billion of value from digital assets this month. The former Ark Invest crypto lead, Chris Burniske, said that FTX would have to liquidate any liquid and illiquid assets they have to return users’ deposits which could put another pressure on the cryptocurrencies. Cronos (CRO) might have a hard time holding above the $0.060 level in the upcoming days. A break below this level would indicate that CRO could probably test the price level at $0.050 again.


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Disclaimer:  Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

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