The Crypto.com Coin price erased most of its earlier gains as the rest of the cryptocurrencies industry retreated. The CRO token declined to an intraday low of $0.1927, which was about 10% below the intraday high of $0.2045. The token has a market capitalisation of more than $4.66 billion and is the 35th biggest cryptocurrency in the world.
Why CRO price dropped
Crypto.com Coin is the native token for the Crypto.org chain, a platform that enables developers to build decentralized applications like DeFi and NFTs. The coin is one of the many exchange-linked tokens like Huobi,Binance Coin, and FTX Token among others.
For starters, Crypto.com is a leading blockchain product that offers multiple services. It has an exchange that enables people to buy and sell cryptocurrencies. It also offers Visa-branded cards, a crypto wallet, an NFT marketplace, and other products. The company is a leading sports sponsor, having sponsored UFC and Formula 1 matches.
The Crypto.org Chain is a relatively new platform for building applications. The company hoped that its brand recognition will push more developers into the platform. However, in the past few months, more developers have decided to stick with Ethereum, whose DEFI platforms have more than $98 billion in total value locked (TVL). Other top Ethereum killers like Solana and Avalanche have also become relatively popular.
A close look at CROS’s on-chain data shows that activities are relatively subdued. For example, the number of new addresses has fallen to an all-time low while active addresses has also declined sharply. Similarly, the amount of transfer volume has also tumbled. These on-chain numbers from Glassnode suggest that the platform has not become as popular as the company expected.
Crypto.com Coin Price Prediction
The daily chart shows that the CRO price has been in an overall bullish trend in the past few weeks. This trend has seen it rise from a low of $0.072 to today’s high of $0.2037.
The Crypto.com Coin remains slightly above the key 25-day and 50-day moving averages. It is also above the neckline of the inverted head and shoulders pattern at around $0.1650.
Therefore, the coinf will likely resume the bullish trend as bulls target the next key support level at $0.25.
On the flip side, a drop below the key support at $0.1650 will invalidate the bullish view.