Cronos has recently become part of the zkSync hyper-chain network on Ethereum. As a result, Crypto.com has announced its support for Cronos Chain, which went live on the zkSync hyperchain network.
This development is a significant scalability milestone, aimed at increasing mass adoption by integrating the ZK Stack. The Cronos zkEVM testnet has a DeFi TVL of $350 million.
This association has three benefits: access to the Ethereum ecosystem, free flow of liquidity and users, and customization capabilities. With the free flow of users and liquidity facilitated by hyperbridges, the Ethereum ecosystem’s wider user base and dApps can now exchange information and transfer value via Cronos. This development complements the construction of a hyperchain for speedy, secure, and cost-effective access to the Ethereum ecosystem.
The recent development has fueled optimism among Ether holders, with the price of Ethereum up 14.67% in the last month, trading at $2,280.84. Based on recent sentiment and Ethereum predictions, ETH is expected to skyrocket in the upcoming years.
The code of Cronos is free from rights that would restrict contributions, making it customizable as per preference. It includes the ability to alter the native gas token – CRO.
Community members have started pitching in their thoughts, with most expressing bullish views, calling zkSync a market leader and a significant milestone in defining the possibility of expanding the use of cryptos in the coming days.
Cronos recently activated dynamic transaction fees that change with the volume of transactions, helping apps perform at their best and serve the community’s interest. All participating dApps function correctly, and the network is stable, with block production at its best capability.
zkSync has recently welcomed Chainlink Price Feeds to the zkSync Era, giving their developers access to high-quality and reliable data feeds sourced from different points via effective and efficient Oracle services.
Crono embracing ZK Stack is a move toward achieving mass adoption of crypto. The global market cap of the segment is lagging at $1.62 trillion, with a drop of 0.07% at the time of drafting this article.
Technical Analysis and Prediction of the CRO Coin Price
As of this writing, the CRO price is down to its immediate resistance of $0.0823 after a more than 15% drop within three weeks. Investors seem hesitant to invest in Cronos (CRO) due to uncertainty around the potential for short-term gains, leading many to shift their investments towards other projects to safeguard their capital.
The new airdrop features by Cronos Chain have done little to encourage people to buy CRO. However, until the CRO price bounces off, the prediction is neutral.
Conclusion
Cronos is now a part of the zkSync hyper-chain network on Ethereum, with Crypto.com announcing its support for Cronos Chain. Based on recent Ethereum predictions, ETH is expected to rise in the coming years. Cronos is highly customizable. However, as of now, the CRO price is down to $0.0823 and the prediction is neutral until it bounces back.
Technical Levels
- Support Levels: $0.0823 and $0.6646
- Resistance Levels: $0.123 and $0.1236
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/02/05/cro-crypto-price-is-15-down-in-3-weeks-whats-next-for-bulls/