Cronos (CRO) Price Prediction: Can It Resume Its Uptrend?

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The price of Cronos is currently up by 3.61% in the past 24 hours, bringing its value to $0.08209. Cronos maintained a price above the $0.055 level almost throughout December 2022 until it rose to about $0.060 on January 6, 2023. But that was not the end of its rally, as it further appreciated to $0.08299 on January 16. CRO continued to rise until it hit its month’s high of $0.08304 on January 25.

However, it failed to maintain that height and fell to $0.07886 as it launched into February. Although the token displayed some pullback in its price today, it has retained most of its gains over the last few weeks. This is how it looks on today’s charts.

Cronos (CRO) Price Prediction

Cronos (CRO) Price Prediction: Can It Resume Its Uptrend?
Tradingview.com

CRO formed two consecutive green candles between February 20 and 21, 2023. But it has pulled back slightly in the market today, February 22, trading at $0.08209 and forming a red candle on the price chart. 

But the token is trading above its 50-day Simple Moving Average (SMA), a bullish signal in the short term. However, it is still trading below its 200-day SMA, which is a bearish signal in the long term.

Also, the Relative Strength Index (RSI) indicator is at 53.77, which is in the neutral zone. However, the indicator points downward, reflecting the current bearish trend. 

CRO’s Moving Average Convergence/ Divergence (MACD) is above its signal line but is moving sideways. It indicates price neutrality with a potential break to the upside for the asset. 

The support levels are $0.073392, $0.078567, and $0.082388; the resistance levels are $0.091384, $0.096559, and $0.100380. If the bulls persist, CRO may return to the $0.082388 support within the next few days. However, a decline below the $0.078567 level will lead to a further decline in the asset’s price. 

Note that altcoins are volatile assets and can deviate from a predicted price pattern. Proper risk management and technical Analysis are necessary for crypto trading.

CRO News And Factors Pushing Its Price

The rapid growth of the Cronos coin may be connected to some activities ongoing on the network. Here are a few developments to note in the ecosystem of the CRO token.

Cronos Launches Its Accelerator Program

One of the notable activities in the network is the Accelerator program. Cronos released a Twitter post on January 31, announcing the release of its Accelerator program to the community. According to the network, users can leverage the CRO Accelerator to build the most efficient blockchain applications, with scalability as their major feature.

The network also added that the efficiency of these applications does not depend on the nature of the market. Users can get the most from them regardless of the market condition. Some of the program’s Features include onboarding & goal setting, mentor matching, tech support, branding and marketing strategy, etc.

Additionally, the program promises several benefits to its users, including a 3-month remote Accelerator Program that will provide support in different areas such as Tokenomics, Legal, Tech, Marketing & Fundraising, etc. Also, users can access leading investor and mentor networks.

The Galileo Network Upgrade

The completion of CRO Galileo Network Upgrade on January 18 is another recent development on the network. The team revealed on February 16 via Twitter that the completed upgrade (Galileo version 1.0) was set for launch.

According to the developers, the Cronos blockchain has moved from the Beta operation and now possesses a strong transaction processing capability.

The team noted that it completed over 65 million transactions for over 1 million users without recording a moment of downtime. The team also cited the improvements made after moving to Cronos v1.0. A few of them include the following:

  • Optimized node storage with a 30% reduced storage for full nodes
  • Prioritization of mempool to increase its transactions per second (TPS)
  • The latest Cosmos functionalities that will create better chances for Cosmos interoperability/EVM
  • Performance improvements on the node include low start-up time (approximately 50%) for node and concurrent responses for GRPC queries.

Primarily, this upgrade aims at improving the overall performance of the Cronos blockchain network, which could push the token’s price.

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