Cronos price pulled back slightly on Monday as investors reacted to the ongoing trends in cryptocurrencies. CRO also fell as decentralized finance (DeFi) and non-fungible tokens (NFT) volume in its ecosystem dropped. It fell to a low of $0.15, which was lower than last week’s high of $0.1601.
Cronos is a leading blockchain project that was created by Crypto.com, one of the biggest crypto exchanges in the world. It was built on top of the Cosmos ecosystem.
Cronos has been used to build some of the most popular projects in the DeFi industry. Some of the most popular apps in the ecosystem are VVS Finance, Tectonic, MM Finance, and Ferro among others,
Similarly, it has been used to build popular NFT projects. Cronos price is retreating as investors react to the latest trends in the NFT and DeFi industry. For example, the total volume of NFTs traded in its NFT ecosystem has dropped from over $4.6 million in April this year to just $324k in July. Month-to-date, data compiled by CryptoSlam shows that sales have dropped to about $257k.
The same trend has happened in its DeFi ecosystem has been in a downward trend. According to DeFi Llama, the TVL in Cronos has dropped from an all-time high of over $4 billion to about $1.1 billion.
VVS Finance, the biggest DeFi platform in Cronos, has seen its TVL drop by 8.8% in the past 30 days to $650 million. Tectonic and Ferro have seen their TVLs drop by 3.16% and 15.10%, respectively.
Cronos price has also pulled back in line with the performance of other cryptocurrencies and stocks. The prices of most cryptocurrencies, including BTC, ETC, ETH, and XRP have all declined sharply in the past few days.
The four-hour chart shows that the CRO price has been in an upward trend in the past few days. Along the way, the coin has formed an ascending channel that is shown in red. It has also consolidating along the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved below the neutral point.
Therefore, Cronos price will likely resume the bullish trend in the coming days as bulls target the next key resistance level at $0.16. A drop below the support level at $0.1488 will invalidate the bullish view.
