Kronos prices fell slightly on Monday as investors reacted to the cryptocurrency’s ongoing trend. CROs also fell as the amount of decentralized finance (DeFi) and non-fungible tokens (NFTs) in the ecosystem decreased. It fell to $0.15, lower than last week’s high of $0.1601.
Kronos NFT and DeFi volume slip
Cronos is a leading blockchain project created by Crypto.com, one of the world’s largest cryptocurrency exchanges. 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 include VVS Finance, Tectonic, MM Finance and Ferro.
It is also used to build popular NFT projects as well. Kronos prices are retreating as investors react to the latest trends in the NFT and DeFi industry. For example, the total amount of his NFTs traded in the company’s NFT ecosystem has dropped from over $4.6 million in April this year to just $324,000 in July. According to month-to-date data compiled by CryptoSlam, sales have fallen to around $257,000.
The same trend is happening in the DeFi ecosystem, which is trending downward. According to DeFi Llama, Cronos’ TVL has dropped from his all-time high of over $4 billion to about $1.1 billion.
Khronos’ largest DeFi platform, VVS Finance, saw its TVL drop 8.8% to $650 million over the past 30 days. TVL for Tectonic and Ferro are down by 3.16% and 15.10% respectively.
Kronos prices have 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 fallen sharply over the past few days.
Chronos price prediction
The 4-hour chart shows that the CRO price has been on an upward trend for the past few days. Along the way, the coin forms an ascending channel shown in red. It also consolidates along the 25- and 50-day moving averages while the Relative Strength Index (RSI) is below its neutral point.
Therefore, Kronos price may resume its bullish trend in the coming days as the bulls target the next key resistance level of $0.16. Our bullish view will be invalidated if the $0.1488 support level breaks.