Cronos Chain: 50 Day EMA Close to the CRO Bulls, Will They Rest?

• 1 The Crono Chain helps in making faster transactions with lesser fees.
• 2 The CRO coin price surged by more than 140% in two months.
• 3 The 50 day and the 150 day EMAs have shown a bullish crossover.

The Inter Blockchain Communication (IBC) protocol created the Cronos blockchain, allowing it to connect with other IBC-enabled chains like Terra and Cosmos Hub. The Cosmos Hub is the main chain of the Cosmos ecosystem.

Cronos also interfaces with the Crypto(dot)org blockchain through the native token, CRO. Ethermint powers the Cronos network to enable the fast transfer of smart contracts and applications from EVM-compatible chains. Cronos is a blockchain compatible with the Ethereum Virtual Machine (EVM) and situated at the crossroads of Cosmos and Ethereum.

It is constructed on the Cosmos SDK, allowing it to access both ecosystems’ features.

How Does Cronos Fascilitate Faster Transactions at Low Costs?

Transactions on Cronos are processed in just a few seconds at a low cost, thanks to the Tendermint consensus engine. It powers the open-source blockchain framework. Cronos Labs launched a new layer-2 network called “Cronos zkEVM chain”, which is faster and cheaper than Ethereum for confirming transactions.

This auxiliary network is built on Matter Labs’ software tools and initially launched as a test network. The “zkEVM chain” can be used to create new layer 2 and layer 3 “hyperchains” on top of Ethereum.

According to Omar Azhar, the head of business development at Matter Labs, Cronos being the first layer-1 blockchain to deploy as a hyperchain is a testament to the ZK Stack architecture. Cronos and Crypto(dot)com have built an impressive community, with more than 80 Million crypto users currently addressable.

Cronos may be smaller than Ethereum, but it still ranks in the top 20 among the nearly 200 primary blockchain networks counted by Messari.

Technical Analysis and Prediction of the CRO Coin Price

CRO/USDT chart by TradingView (Daily time frame)

The price of CRO was highly volatile over the past 24 hours. Moreover, the CRO coin price is facing a significant resistsnace from the supply zone at the level of $0.107. The support levels, however, are at $0.083 and $0.0664.

Technical analysis indicates that the bulls could find support at the 50 day EMA. The 50 and the 150 day EMAs did a bullish crossover at the start of November. Investors may suspect that the coin can be easily manipulated.

Conclusion

Cronos blockchain connects with other IBC-enabled chains like Terra and Cosmos Hub. It’s the first layer-1 blockchain to deploy as a hyperchain. Technical analysis indicates that the investors may suspect the coin can be easily manipulated with the increased volatility.

Technical Levels

• Support Levels: $0.083 and $0.6646
• Resistance Levels: $0.107 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.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.

Source