Cronos, the native coin of the Crypto.com exchange, has shot up recently. The seemingly random news could be a ray of light after a dark period for the platform. In June, it announced it was suspending its US institutional activities in the wake of the United States Securities and Exchange Commission (SEC) suing both the Binance and Coinbase exchanges.
Cronos did not immediately respond to a request for comment
But what is Cronos (CRO)? How does Cronos work? Let’s take a look and see what we can find out, and also examine some of the Cronos price predictions that were being made on 28 August 2023.
Let’s examine some of the Stellar price predictions being made on 29 June 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex made a short-term Cronos price prediction which suggested that there were good things in store for the crypto over the coming weeks. The site said that, by September 2, it should be worth $0.0554, before it continued its upward journey to stand at $0.0561 by September 27. Despite that, the site’s technical analysis was bearish, with 18 signals sending discouraging signals compared to 14 making bullish ones.
DigitalCoinPrice said CRO would be worth $0.10 this year, while PricePrediction.net said it would get to $0.069. CryptoPredictions.com , meanwhile, said that Cronos would close the year at around $0.0757.
CryptoPredictions.com said Cronos would close 2025 at $0.0715. DigitalCoinPrice said it would be worth $0.17, and PricePrediction.net suggested it could stand at $0.15 in two years time.
Moving on to a more long-term Cronos price prediction, PricePrediction.net said CRO could be worth $0.90 by 2030. DigitalCoinPrice forecast it to be worth $0.55. Bitnation ‘s CRO price prediction put it down as being worth $0.446 at the start of the next decade.
A crypto founder is suing Crypto.com after he fell victim to what he believes is a scam.
Glow Token CEO Bryan Lawrence filed papers claiming he was approached by people claiming to be from the exchange. They asked him to send them $250,000 and one Bitcoin (BTC), worth about $23,000 at the time.
However, earlier this year, Crypto.com got in touch with Lawrence, telling him the people were scammers.
Lawrence claims that he had checked the alleged scammers were legitimate.
The price of CRO token reached an all-time in November 2021. Since then it has been in a bear cycle, falling around 95% to a low of about $0.05 on August 17 this year.
The chart above shows the price structure has been trending downwards since August 2 last year, when it was worth about $0.18. Its descending resistance and its support level being a horizontal zone between $0.057 and $0.050.
The graph also suggests that selling pressure has grown over time, but buyers are holding at around $0.05.
It is possible that there will be an upswing above the trend line, but it is unclear what will happen after that. Will sellers be able to meet buyers demands for a lower price, or will buyers have to pay more than they would like to?
We have seen some positive price action recently, with the price spiking by 10% from its August low. This could be an early indication that an upward breakout is likely, but the price still hasn’t reached the point where this could happen.
Looking at the above chart, we can see that there are two targets for CRO – $0.066 and $0.081. If CRO can get to the lower target, it could mean that a bull cycle is starting.
It’s now time to take a look at some of the ups and downs of the Cronos price history. While past performance should never be taken as an indicator of future results, having some understanding of what the token has done in the past can help give us some very useful context if we want to either make or interpret a Cronos price prediction.
When CRO first came onto the open market in December 2018, it was worth about $0.0153. The coin was able to grow slowly and steadily over the next few years, reaching $0.1785 at the end of August 2020. Having dropped in the last few months of 2020, early 2021 saw the crypto caught up in the excitement of a blooming crypto market and it peaked at $0.2452 in the middle of April. The coin fell in the summer but recovered in the autumn, hitting an all-time high of $0.9698 on 24 November 2021 before it dropped to close 2021 at $0.5575.
While 2021 had been an encouraging year for CRO and the wider crypto market, 2022 was very much a year everyone would like to forget. While the coin may have rebranded from Crypto.com to Cronos, it was not enough to counteract the effects of a series of market crashes, with the coin reaching a low of $0.05629 on 14 November in the wake of the collapse of the FTX exchange and closing the year at $0.05576 having fell by nearly 90% over the course of 2022.
So far, 2023 has not been a great year for CRO either. Cronos initially rallied, reaching a high of $0.09287 on 21 February, but then the US institutional announcement saw it drop to a low of $0.05072 on June 10. The news that an American court had found Ripple’s XRP crypto was not a security if it was being sold on exchanges boosted CRO, which hit $0.06179 on July 16. After that, it fell to $0.05129 on August 17 but recovered to about $0.526 on August 28.
At that time, there were 25.2 billion CRO in circulation out of a total supply of 30.2 billion. This gave the coin a market cap of around $1 billion, making it the 35th largest crypto by that metric.
It is hard to say. CRO has been on an upturn in recent days, although the reasons for that are still something of a mystery. We don’t know whether or not it can continue its resurgence. A lot will depend on whether or not the market can hold up.
As ever with crypto, you will need to make sure that you do your own research.
No one can really say with any certainty right now. While a lot of the Cronos price forecasts are optimistic, price predictions have a habit of being wrong more often than not. Remember, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Cronos, you should do your own research, not only on CRO but on other, similar, coins and tokens, such as Binance (BNB). More importantly, you must make sure that you never invest more money than you can afford to lose.
In its technical documentation, or whitepaper , Cronos says it aims to be both quick and inexpensive.
It says: “Cronos is a decentralized, open-source, energy-efficient public blockchain with high speed and low transaction fees.”
The documentation says the system 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”. The whitepaper also says it will “serve the next billion Web3 users and to help them experience the full promise of self-custody of their digital assets”.
Cronos is the native cryptocurrency of the Crypto.com exchange. Originally named after the Singapore-based business, it changed its name in 2022 in an attempt to represent “the next major phase in the adoption and utilisation of Web 3.0 by hundreds of millions of users”. Cronos pays for transaction fees on Crypto.com’s own blockchain and CRO can be staked, or set aside. This allows people to earn free subscriptions to the likes of Spotify and Netflix, as well as securing better interest rates for their holdings on the platform.
Crypto.com itself features a token-swap facility, a wallet, and a Visa card. Crypto entrepreneurs Kris Marszalek, Bobby Bao, Gary Or and Rafael Melo founded it in 2016. Its coin was properly launched in late 2018, while the Cronos blockchain was fully released in November 2021.
The CRO coin is the native crypto for two platforms. As well as the Crypto.com blockchain itself, which operates on a Proof-of-Stake (PoS) consensus mechanism, where people are chosen to add blocks to the blockchain based on how much CRO they hold, it also operates on the Cronos EVM chain. This platform, which is linked to Ethereum (ETH ) is designed so anyone can use it and people can carry out transactions without getting the permission of a central authority. It was created with the Cosmos software development kit.
People can also buy, sell, and trade CRO on exchanges.
On August 28 2023, there were 25.2 billion CRO in circulation out of a total supply of 30.2 billion.
It could do but, if it does, that may not happen for some time. DigitalCoinPrice suggested CRO could break through the dollar in 2032, while PricePrediction.net forecast it happening in 2031. Keep in mind that the highest Cronos has ever been was $0.9698, which it traded at in November 2021.
Crypto.com is a cryptocurrency exchange, while Cronos is the name of both the EVM-compatible blockchain and the crypto that serves as a native currency to both the Cronos chain and Crypto.com’s blockchain.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.