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CRO/USD forecast: Cronos nursing huge losses but has crypto.com native token price found its floor?

By Ankish Jain

Edited by Georgy Istigechev

16:56, 20 October 2022

Set of Cronos tokens seen from several different angles
The CRO token has declined by over 80% year-to-date amid bearishness in crypto markets – Photo: David Sandron / Shutterstock.com

Amid the ongoing bearishness in the cryptocurrency market, Cronos (CRO), the native token of the Crypto.com platform, declined to a 52-week low of $0.09653 on 13 October, according to CoinMarketCap.

The CRO token experienced a bullish 2021 and reached an all-time high of $0.9698 on 24 November 2021. However, the token’s performance in 2022 has been one of the worst ever since its launch, and the CRO token has declined by more than 81.29% year-to-date (YTD).

As of 20 October, the CRO token was trading at $0.1056 – down more than 89% from its all-time high.

CRO Live Price Chart

In the face of uncertain macroeconomic circumstances, is the CRO token undergoing a period of consolidation, or is it destined to continue its downward trend? Here we take a look at the most recent events and other variables that are impacting the CRO/USD forecast.

What is CRO and how does it work?

Crypto.com, formerly known as Monaco, rebranded in 2018. Crypto.com was founded in 2016 in Singapore to promote the worldwide adoption of cryptocurrencies.

Crypto.com is a comprehensive financial platform that provides cryptocurrency trading services through an exchange, decentralised finance (DeFi) solutions and non-fungible tokens (NFTs).

Crypto.com, which began as a crypto payment product, is similar to a crypto bank. It provides a variety of cryptocurrency Visa cards, an exchange, brokerage services, a wallet, and a native coin that can be staked for incentives, making it a one-stop shop for all things crypto.

"Cronos is intended to serve the next billion Web3 users and to let them enjoy the full promise of self-custody of their digital assets," according to the company's white paper.

Cronos is a proof-of-stake (PoS) blockchain powered by Ethermint and developed using the Cosmos SDK, which supports the Inter-Blockchain Communication (IBC) protocol.

Consequently, Cronos users can import cryptocurrency from Ethereum (ETH), Cosmos (ATOM), and other chain families. Furthermore, users can exchange or deposit these coins in smart contract based protocols and quickly transfer applications and smart contracts from Ethereum and ethereum virtual machine (EVM) compatible chains.

CRO is the Cronos platform's native token. Although CRO was initially designed as an ERC-20 token, Crypto.com launched its own Cronos blockchain on Cosmos in November 2021.

In addition to being used to settle transactions on Cronos, CRO holders benefit from discounts on fees, increased profits for lending and priority services, and staking incentives for becoming validators while utilising the Crypto.com suite of products.

Validators are expected to maintain a reliable infrastructure and safeguard the network. If the validators fail to do so, they face various penalties.

Validators are ‘jailed’ if they fail to sign blocks for a certain time. If jailed, validators are removed from the authorised validator database and not permitted to sign any blocks during. The jailing time allows validators to rebuild their infrastructure without jeopardising network stability.

At the same time, being excluded from signing blocks is a penalty for the validator since they cannot get any rewards during this time.

According to the project’s whitepaper, numerous further ecosystem-bootstrapping activities will be launched in the future to boost awareness of Cronos among decentralised application (dApp) developers and help builders working on novel DeFi, NFT, and metaverse projects.

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CRO/USD price history

According to ICO Drops, Cronos' initial coin offering (ICO) was concluded in June 2017. It successfully raised $26.7m. Since then, it has yielded a return on investment (ROI) of 434.18%, according to CoinmarketCap.

Based on the historical price chart of CRO from 2019, the CRO token price spiked from $0.01252 on 2 March to $0.1036 on 12 July, a magnificent rise of more than 727%. However, the CRO token experienced a significant sell-off afterwards and declined to $0.02599 on 4 December. It closed the year at $0.03479.

cro/usd all-time price chart

The CRO token experienced another bullish rally in 2020. Its price spiked from $0.03358 on 1 January to $0.1797 on 31 August, a rise of 435%. However, the price tumbled afterwards and declined to $0.05813 on 25 December. It closed the year at $0.05902.

During 2021, the cryptocurrency market was ultra-bullish due to favourable market sentiment. Several cryptocurrencies reached new highs. Similarly, the CRO token rebounded and reached $0.2464 on 6 April.

SOL/USD

169.07 Price
-6.740% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC/USD

64,676.00 Price
-2.040% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,115.97 Price
-7.590% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.61 Price
-4.110% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

However, CRO lost pace in late Q2 amid China's ban on cryptocurrency trading and mining and Elon Musk's declaration that bitcoin (BTC) payments for Tesla automobiles were discontinued due to mounting environmental concerns.

As a result, the CRO token price declined to $0.09104 on 22 June, a fall of more than 63% from the April high. After making the low, bullish sentiment returned, and the CRO token reached its all-time high of $0.9698 on 24 November. It closed the year at $0.5537.

Since the beginning of 2022, the markets have been filled with panic and fear amid the Russia-Ukraine war, macroeconomic instability and recession concerns. As a result, the CRO token witnessed a significant sell-off throughout the year and reached a 52-week low of $0.09653 on 13 October.

As of 20 October, CRO was trading at $0.1056 and had a market capitalisation of $2.66bn.

CRO token news and price drivers

Cronos.com has undergone several milestones lately that may have a detrimental effect on its price. Some of the major news and price drivers include:

Employee Lay-off

According to Ad Age, a worldwide media and news organisation, Crypto.com had laid off as many as 2,000 people by June 2022 amidst uncertain market circumstances and significant economic turbulence.

However, Crypto.com claimed the story was inaccurate. "Any media claims of continuing employment cuts are false, as are any estimations and speculations about the overall number of cuts," a Crypto.com official told Tech in Asia.

According to Crypto.com, they had laid off around 260 workers (5% of their staff) to remain on track with its profitability targets and assure long-term sustained and sustainable development.

Only time will tell whether these layoffs were the first evidence of early cracks or if they were a sustainable solution.

Advertisements banned by the UK regulator

The UK's advertising authority banned two Crypto.com adverts in January 2022, calling them "misleading" and requiring that future ads make it clear that cryptocurrency investments may go down and up.

The Advertising Standards Authority (ASA) investigated Crypto.com for an advertisement on the Daily Mail app in September 2021 that said, "Buy bitcoin with a credit card quickly."

In July, a second promotion in the Love Balls mobile game app said, "Earn up to 3.5% each year", which was subsequently raised to 8.5%. ASA claimed the suggestion that customers might "earn up to 8.5%" was "misleading and unsubstantiated".

All five ASA's objections to the two Crypto.com advertisements were upheld. It claimed that the advertisements failed to convey the risks of cryptocurrency investments, preyed on customers' inexperience, and failed to convey the limits of acquiring cryptocurrencies using a credit card.

The ASA has advised Crypto.com to ensure that any future messages make it clear that the cryptocurrency industry in the UK is unregulated and that any marketing does not "irresponsibly take advantage of consumers' lack of knowledge".

CRO/USD forecasts: Targets for 2022, 2025 and 2030

According to the CRO/USD prediction from CoinCodex based on technical analysis, as of 20 October, the coin price could increase by 9.42% to reach $ 0.114635 by 27 October 2022.

Meanwhile, algorithm-based forecasters gave mixed long-term CRO to USD forecasts.

According to Wallet Investor’s CRO/USD forecast for 2022, the coin could be a bad long-term investment. It expected the average price to hit $0.0136 by the end of 2022, $0.006096 by the end of 2025 and $0.00118 by the end of 2027.

According to DigitalCoinPrice’s CRO/USD prediction, the average price in 2022 could be $0.11,  $0.17 in 2023 and $0.23 in 2024. Its CRO/USD forecast for 2025 suggested that the price could rise to $0.28 in 2025, $0.47 in 2029 and $0.58 in 2030.

According to PricePrediction, CRO could average $0.12 in 2022 and $0.36 in 2025. Price Prediction’s CRO/USD forecast for 2030 indicated that the coin could reach $2.46.

The bottom line

When looking for Cronos to US dollar forecasts, remember that analysts’ and algorithm-based expectations can be wrong. They are based on technical analysis and historical price action. Past performance is no guarantee of future results.

It’s essential to conduct your own research before trading. Remember that your decision to trade depends on your expertise in the market, the spread of your portfolio and how comfortable you feel about losing money. You should never trade or invest money that you cannot afford to lose.

FAQs

Why has CRO/USD been dropping?

The cryptocurrency market is experiencing significant bearishness, with almost all tokens losing value. The CRO/USD prognosis is unfavourable as a consequence of this bearishness and several negative news stories concerning the Cronos platform.

The decision to invest in CRO should be informed by your personal circumstances, risk tolerance and investment goals. Remember that cryptocurrency markets are highly volatile. Always do your own research before making an investment decision. And never invest or trade more than you can afford to lose.

Will CRO/USD go up or down?

According to the CRO/USD prediction from PricePrediction.net (as of 20 October 2022), it could hit $2.46 by 2030. However, algorithm-based platform Wallet Investor, suggested the coin is a bad long-term investment option.

Remember that analysts' forecasts can be wrong. Always do your own due diligence before making an investment decision.

When is the best time to trade CRO/USD?

Due to the tremendous price fluctuation, trading cryptocurrencies is a very high-risk endeavour. Like any other cryptocurrency, trading Cronos (CRO) necessitates a comprehensive grasp of its fundamentals and market sentiments.

Your circumstances and risk tolerance determine the suitability of CRO for your portfolio. Before making any trading choices, do your own research and analysis. Never trade or invest funds that you cannot afford to lose.

Is CRO/USD a buy, sell or hold?

According to CoinCodex's short-term CRO/USD forecast (as of 20 October), the market sentiment for CRO was bearish, giving a sell signal.

Remember that analysts and algorithm-based forecast platforms can be wrong in their predictions. Always do your own research. And never invest or trade more than you can afford to lose.

Markets in this article

ATOM/USD
ATOM/USD
6.0048 USD
-0.3731 -6.070%
BTC/USD
Bitcoin / USD
64676.00 USD
-1344.25 -2.040%
ETH/USD
Ethereum / USD
3115.97 USD
-256.07 -7.590%

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