Crypto News

Cronos (CRO) is up 4% over the past week amid recession fears

Crypto.com is one of the centralized exchanges that survived the market turmoil of 2022 analysis conducted by CryptoCompare shows that the CEX had an average market share of 4.6% over the past year. Its native token, Cronos, managed to withstand the beating despite the challenges.

Although this is incredibly small compared to that great shots of the market, its mere survival could mean great things for its growth.

CRO and macroeconomic trends

The crypto market saw a sharp drop in value as the bear market swept the broader financial market. With major crypto institutions to collapse and the crypto market is learning them Mistake After the financial crash of 2008, the industry is ready for a fresh start this year.

Federal Open Market Committee (FOMC) meeting minutes that began yesterday certainly had implications for Cronos (CRO) as a whole. After this fall For the past few days, the minutes gave investors renewed hope as Cronos traded at $0.0597 won 2.4% in the last 24 hours.

Cronos (CRO) is up 4% over the past week amid recession fears, Crypto Trading News

Image: Coingecko

Important cryptocurrencies how Bitcoin and Ethereum also rose on news of what appeared to be a dovish macroeconomic stance from the US Federal Reserve.

This dovish stance may be a sign that the consumer price index (CPI) be lower than in November. A strong sign that last year’s rate hikes are having a strong impact on managing the inflation problem. However, it remains to be seen whether it was lower or not.

Cronos (CRO) is up 4% over the past week amid recession fears, Crypto Trading NewsImage: CryptoSlate

Investors should keep an eye on this level…

Barring good macros, the central bank is still hawkish adoption from crypto to the financial system. But apart from that are the crypto market and the traditional financial space increasingly intertwined with each other and with the International Monetary Fund, which is pushing for regulation.

While markets should anticipate the coming of legislation, CRO investors should still focus on the macro trends that will impact the market now. Next week the Fed is expected to release the CPI data which would impact the markets.

Meanwhile, investors and traders should consider a break in the current CRO-Resistance watch at $0.0607 which would be a bullish indicator going forward.

But given the incoming CPI data, holding off on any major decision might be the wisest choice.

Cronos (CRO) is up 4% over the past week amid recession fears, Crypto Trading News

CRO/USD pair trading at $0.0595 on the daily chart | Chart: TradingView.com

Monitoring how Bitcoin and Ethereum move will also be crucial. While the Cronos correlation is currently low, large market moves in these two top cryptos would determine where the overall cryptocurrency market might go.

However, with the fears With a recession sweeping the markets, gains higher than $0.0638 could be impossible for Cronos as investor sentiment is muted.

As the situation unfolds, investors and traders will have an answer as to what to do with their Cronos holdings.

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button