Is Cronos Going to Zero? CRO Faces a 7% Decline While New Bitcoin Project Reaches $5.1 Million
The Cronos price has dropped by 3.5% in the past 24 hours, falling to $0.101700 as the market suffers a 3% loss today and as an exciting new Bitcoin project raises more than $5.1 million in its presale.
Despite this loss, CRO is now up by 7% in a week and by 10% in the last 14 days, with the utility token down by 2.5% in a month but up by 81% since the start of the year.
Yet despite CRO witnessing a strong percentage gain this year in terms of its price, its native Cronos blockchain has actually witnessed a 6% decline in its total value locked since January 1.
But while this raises troubling questions for the future direction of CRO, there are other alts in the market right now that show stronger promise, with Bitcoin Minetrix looking to capitalize on its successful presale with the launch of its stake-to-mine platform in the next few weeks.
CRO’s chart and indicators are in a mixed position right now, in that further declines look more or less as likely as further gains.
For instance, the coin’s RSI (purple) has fallen below 60 today after clipping 70 last week, a sign of declining momentum.
In addition, CRO’s 30-day average (yellow) has been comfortably above its 200-day (blue) for around a month now, something which could potentially signal that the coin is due to come down significantly in the next few weeks.
While continued falls are possible, it’s worth noting that the coin’s support level (green) has risen considerably since the end of October, holding up well against brief dips and bouts of profit-taking.
As such, further falls may not be dramatic, even if CRO’s trading volume has tailed off in recent days, dropping from about $60 million during the weekend to $30 million today.
This is pretty low compared to many other
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