Cronos price has been in a strong recovery in the past few weeks as cryptocurrencies rebound. CRO rose to a high of $0.066, the highest point since December 10. It has soared by more than 18% from the lowest point in 2022. So, what next for the token?
What is Cronos?
Cronos is a blockchain project that was developed by Crypto.com, one of the biggest crypto exchanges in the world. It was previously known as Crypto.com Chain until it rebranded in November 2021.
Cronos is a smart contract platform that aims to be a better alternative to Ethereum and other networks like Solana and Avalanche. It is also an Ethereum Virtual Machine (EVM), meaning that apps developed in its ecosystem are compatible with Ethereum.
Cronos has been used to build all types of dApps, including Decentralised Finance (DeFi), Non-Fungible Tokens (NFT), and the metaverse. Some of the most notable DeFi apps in its ecosystem are Tectonic, VVS Finance, Ferro, and MM Finance among others.
The metaverse platforms in the ecosystem are Metaverse Pixels, Cronos Ragdolls, Pampered Pandas, and Crowboys. It has also been used to build NFT collections like Cronos Chimp Club, Crosmonauts, Crocus NFT, and Agora among others.
CRO price crashed in 2022 as other cryptocurrencies plunged. This decline happened as the Fed increased interest rates. The bank hiked interest rates by 450 basis points as inflation rose.
It also crashed as its ecosystem imploded. The total value locked (TVL) in the ecosystem crashed from more than $4 billion to about $375 million. This decline was in line with other blockchains. Ethereum’s TVL plunged from over $150 billion to about $35 billion. The BNB Chain saw its TVL crash from over $35 billion to about $5 billion.
Cronos price prediction
The four-hour chart shows that the CRO price has been in a strong bullish trend in the past few days. As it rose, it has formed an ascending channel pattern that is shown in green. It has also moved above the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has formed a bearish divergence pattern.
Therefore, the token will likely continue falling as sellers target the key support level at $0.60. A move above the resistance point at $0.065 will invalidate the bearish view.
Ethereum Price Outlook as the DXY Index Crash Continues
Cryptocurrency prices remained in an upbeat tone on Thursday as the US dollar index continued its bearish move. Bitcoin, the biggest cryptocurrency in the world, rose to $23,165, the highest level in months. Similarly, Ethereum has risen by more than 4% in the past 24 hours while BNB Coin and XRP surged to $307 and $0.41, respectively.
US dollar index retreats
Cryptocurrencies have an inverse relationship with the US dollar index. For example, the DXY, which looks at the performance of the greenback vs other currencies, soared to a 20-year high of $115 in 2022. As that happened, cryptocurrencies like Bitcoin plunged during the year.
The foundation of this relationship is the Federal Reserve. In most periods, the US dollar index tends to rise when the Fed is extremely hawkish and vice versa. And it was extremely hawkish in 2022 as it hiked interest rates by more than 400 basis points.
Therefore, while the Fed has remained hawkish recently, the US dollar has dropped because of what the data is saying. Data published recently showed that America’s inflation is easing. The closely watched consumer price index dropped to 6.5% in December while core inflation fell to 5.7%.
At the same time, other parts of the economy are showing that the American economy is indeed recoiling. Retail sales dropped sharply in December while many…
STG Price Soars as Stargate Finance’s Token Forms Double-Top
STG price surged to a high of $0.7566 this week as interest in DeFi tokens jumped. Stargate Finance’s native token has risen by over 85% from the lowest point in 2022. So, what is Stargate and why is the token soaring?
What is Stargate Finance?
DeFi has emerged as one of the most important areas in the blockchain industry. In fact, with the metaverse and NFTs struggling, it is the only bastion of hope for the sector. While the amount of assets held in DeFi has dropped recently, it is still worth about $70 billion. And DEX protocols like dYdX and Uniswap are handling hundreds of millions of dollars every day.
Stargate Finance is a little-known platform in the DeFi industry. It exists in numerous blockchains like Ethereum, Avalanche, BNB Chain, Arbitrum, and Optimism. Like most cross-chain blockchains, Ethereum is the most dominant player in Stargate, where it has a TVL of more than $102 million.
Stargate Finance is a DeFi protocol that makes it possible for users to stake, farm, and transfer tokens across multiple chains. It describes itself as a fully composable liquidity transport protocol that lives at the heart of the omnichain.
As such, you can swap tokens on a 1:1 basis and add liquidity to Stargate’s Omnichain protocol and earn stablecoin rewards. Also, liquidity providers can farm their LP tokens in exchange for STG…
Avalanche Price Soared After the Amazon Deal: Be Careful!
Avalanche was the talk of town on Thursday as the token surged by more than 30%. This AVAX price rally happened as investors reacted to a new deal between Amazon and Avalanche. The token soared to a high of $16.52, which was the highest point in months. It has jumped by more than 40% from the lowest point in 2022.
Avalanche and Amazon deal
The biggest crypto news of this year is the deal between Amazon and Avalanche. Amazon is the biggest e-commerce company and the largest cloud computing provider in the world. Avalanche, on the other hand, is one of the biggest smart contract platforms in the world.
In a statement, Avalanche said that Amazon will use the blockchain in its cloud computing product for both companies and governments. AWS will support Avalanche’s infrastructure and dApp ecosystem while node operators will be able to run in AWS GovCloud.
Another part of the deal will see Ava Labs become a member of the AWS Partner Network. This means that the company will help customers deploy custom offerings on AWS. For a start, it will add Subnet deployment as a managed service to the AWS Marketplace. In a note, the president of Ava Labs said:
“AWS Activate is an excellent resource for developers to bring apps to the masses with Avalanche’s trailblazing speed, security,…
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