The Cronos price has moved sideways in the past few days even as its ecosystem growth accelerates. CRO is trading at $0.4170, where it has been in the past few days. It is about 65% below its all-time high, bringing its total market cap to about $10 billion.
Crypto.org Chain ecosystem growth
Cronos, formerly known as Crypto.com Coin, is the cryptocurrency for the Crypto.org smart chain. It is simply a smart contract platform that is similar to Avalanche, Ethereum, and Fantom.
In the past few weeks, the Cronos ecosystem has been in a strong growth as developers have embraced it. Its total value locked (TVL) jumped to over $1 billion in a month and is currently at about $2.44 billion, which is a record high.
Most of this growth is coming from VVS Finance, which is the biggest app in its ecosystem. VVS is a DeFi trading platform that allows people to swap their coins and trade. It also has an earn feature that lets people make money by providing liquidity to the network. For example, it has over $263 million in staked liquidity for the CRO-ETH pair.
Other leading DeFi platforms on the Cronos ecosystem are MM Finance, Tectonic, and MM Optimizer which have a TVL of over $100 million. Others that are coming up are Beefy Finance and Autofarm.
Analysts believe that Cronos has a good chance of becoming a successful rival to Ethereum because of its strong performance. Also, the platform is significantly faster and transactions in its ecosystem are cheaper. Additionally, the team behind Cronos is set to ramp up its marketing strategy to boost the ecosystem.
The next key catalyst for the Cronos price will be the upcoming American non-farm payrolls (NFP) data scheduled for Friday.
Cronos price prediction
The daily chart shows that the CRO price has been in a tight range in the past few days. It has fallen by more than 60% from its highest point in 2021. At the same time, it has formed a triangle pattern and is currently trading along the 25-day and 50-day moving averages.
Therefore, at this point, the outlook of Cronos is neutral with a bearish bias. As the triangle pattern nears its confluence level, there is a likelihood that the coin will retest the key support level at $0.30.