Crypto News– Cronos Crypto price (formerly Crypto.com Coin) has been facing a challenging period lately, marked by a bearish trend and diminishing demand for the coin. Additionally, its DeFi ecosystem has experienced significant outflows, with the total value locked (TVL) plummeting from over $4.4 billion to less than $500 million. Tectonic and VVS Finance, which were once popular DeFi protocols, have lost their previous allure.
Cronos Crypto Price Prediction
As of the latest data, Cronos Crypto price has established a robust support level at $0.050. This level has proven to be resilient in both June and August of this year, as the price struggled to dip below it. It’s worth noting that Cronos remains below the 50-day moving average, which signifies ongoing bearish sentiment, and it continues to trade below a descending trendline, indicated in green on the price chart.
However, there is a slight glimmer of hope as the Stochastic Oscillator has started tiling upwards. This could potentially signal a shift in momentum, though it should be viewed with caution.
Given the current state of affairs, the outlook for CRO’s price is best described as neutral. To determine the next direction, we should keep a close eye on key price levels. If the price breaks below the support at $0.050, this would indicate further downside potential, and the next level to watch would be at $0.045.
On the other hand, in the alternative scenario where Cronos Crypto manages to regain some strength, it might attempt to retest the descending trendline at $0.057. This level would serve as a critical resistance point, and a successful breach above it could hint at a more bullish sentiment in the market.
Investors and traders in Cronos should remain cautious and closely monitor these key price levels and technical indicators for further insights into the coin’s future price movements. The cryptocurrency market can be highly volatile and subject to rapid changes, so it’s essential to stay informed and exercise prudent risk management.
Blockchain Developer Cronos Labs Commences Search for Participants in $100M Accelerator Program
Blockchain network developer Cronos Labs has officially launched its search for eight promising startups to participate in the highly-anticipated third cohort of its extensive $100 million accelerator program. This initiative is strategically designed to provide substantial support to early-stage cryptocurrency projects, contributing to the dynamic landscape of the crypto industry.
The recruitment phase for this immersive 12-week program commenced on September 4, coinciding with Korea Blockchain Week, a significant event in the blockchain calendar that spans from September 4 to September 10. Notably, this particular iteration of the accelerator program places a strong emphasis on artificial intelligence (AI), as detailed in an announcement shared with CoinDesk on Tuesday.
The rationale behind this focus on AI is quite compelling. In recent months, blockchain developers have recognized the growing interest and potential synergies between blockchain technology and AI, spurred by the mainstream success of AI tools like ChatGPT. This convergence of AI and crypto has been instrumental in drawing the attention of venture capitalists, making it a pivotal tool in attracting investment for emerging projects.
Cronos Labs, known for its commitment to excellence, has forged valuable partnerships with industry giants and experts who will serve as mentors for the program. These include tech titans like Google Cloud and Amazon Web Services (AWS), which bring their wealth of knowledge and resources to the table. In addition, the program benefits from the insights and expertise of blockchain security specialists PeckShield and Certik, who play a pivotal role in ensuring the security and integrity of blockchain projects.
Protocol Labs, a prominent player in the blockchain space, also joins as a mentor, further enhancing the program’s comprehensive support network. To bolster the program’s impact and outreach, Cronos Labs has engaged in strategic partnerships with Hacken and Covalent, two organizations renowned for their contributions to the blockchain and crypto ecosystems.