cronos performance Q1-2023

The popular altcoin, Cronos (CRO), had been falling for three consecutive months. Despite a significant distance from the legendary $1 target, investors researching altcoin opportunities should consider this cryptocurrency.

That’s why Cronos on-chain data suggest that unrealized losses could be prompting the investors to wait. The Rising Average Coin Age is a significant indicator of this.

cronos stats

Source: Santiment

Let’s discover how Cronos performs in Q1-2023.

Coronos (CRO) Achievements in Q1-2023

The Cronos blockchain has launched an accelerator program backed by $100 million to help crypto projects in their pre-seed and seed stages. Here are their major partnerships:

  1. Amazon AWS Partners with Cronos: Amazon Web Services (AWS) has partnered with Cronos Labs to support the Web3 sector and develop DeFi, GameFi, SocialFi, and infrastructure applications. This news caused CRO, the native token of the Cronos ecosystem, to surge by 13%. However, despite the recent price increase, CRO has lost more than 81% of its value in the past year. Amazon is reportedly planning to launch an NFT marketplace, but it has not yet confirmed whether it will accept cryptocurrencies as payment.
  2. Cronos was one of the industry leaders to participate in the private token sale of ZOGI Labs’ in-game currency, Magical Blocks ($MBLK), along with Polygon and M3 Ventures Ltd (HK).
  3. In May, Cronos Labs announced the launch of its second cohort for the Cronos Accelerator Program. Backed by a substantial $100 million investment, aims to support early-stage crypto projects.
  4., on 31st May, announced that US app users can spend 30+ cryptocurrencies on 150+ top consumer brands. It earns pay rewards by using the One-Time Card feature with these exclusive brands.
  5. In June, its cryptocurrency exchange announced that it has received “in-principle approval” from Singapore for its Major Payment Institution License

cronos ecosystem

Source: Twitter

As investors accept losses and wait for a rise, CRO sales have weakened. Investors are taking an additional 5.6 million tokens, which could increase the price. The price is likely to rise to $0.07, but there is resistance at $0.064. Short-term traders can consider this region as a stop and take a sell target position at $0.07 on closing above it. The bullish outlook can remain in place as long as the $0.059 support is maintained. Otherwise, the price could drop to $0.05.

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