- Summary:
- CRO coin price shot up by nearly 8% before dropping down as risk sentiment carried the day in the broader market. However
Cronos Coin (CRO) price traded upwards for the second successive day on Friday, defying a broader market slump following a major development in an investigation lodged against the token’s issuer, Crypto.com. The coin hit a three-day high of $0.1147 before subsiding to trade at $0.1069 at the time of writing.
CRO issuer Crypto.com announced on Thursday that the Securities and Exchange Commission (SEC) closed its case against it, with no enforcement action. The market regulator had instituted a probe against the company via a Wells notice issued seven months ago.
However, there has been a significant shift in the commission’s approach to crypto market under new Chairman Mark Uyeda, mirroring the crypto-friendly posture adopted by President Donald Trump’s administration. The SEC recently halted legal proceedings against other crypto firms, including Kraken, Coinbase, Consensys, OpenSea, Uniswap, Gemini and Robinhood.
On the downside, however, CRO Coin price is fighting off backlash after Crypto.com re-issued 70 billion tokens previously burned in 2021. The return to circulation of such a substantial volume of coins not only lowers the value of the coin by increasing supply, but also raises integrity questions.
In addition, the move has strengthened Crypto.com’s voting power, which effectively inclines the scales against the broader community. That has raised the question as to whether the Cronos blockchain ecosystem is truly decentralised. Also, the uptick in risk aversion following US President Donald Trump’s announcement of a 25% auto tariffs will add downward pressure on high-risk assets like cryptocurrencies, including Cronos.
CRO Coin Price Prediction
CRO Coin price pivots at $0.108 and resistance at that level will favour the sellers to stay in control. In that case, the first support will likely be at $0.100. A stronger momentum will break below that level will potentially take the action lower to test $0.095.
On the other hand, breaking above $0.108 will signal a shift by the momentum to the upside. In that case, the first resistance will likely be at $0.114. In addition, an extended control by the buyers will breach that barrier, invalidating the upside narrative. Also, that momentum could test the second resistance at $0.118.
