Cronos price moved sideways on August 5, mirroring the performance of Bitcoin and most altcoins.
Summary
- Cronos price has formed a bullish pennant and a golden cross pattern.
- The total value locked of the decentralized finance ecosystem is soaring.
- The stablecoin supply on Cronos has jumped to a record high.
Cronos (CRO) token was trading at $0.1347, a range it has remained in over the past few days. This price is about 74% above its lowest level this year, with technicals pointing to more gains.
Cronos DEX and stablecoin ecosystem is growing
DeFi Llama data shows that the decentralized finance ecosystem is performing well this year. The stablecoin supply in the network has jumped to a record high of over $168 million, up from the year-to-date low of $18 million.
Most of these stablecoins are USD Coin (USDC), whose supply has increased by 7% in the last 30 days to $154 million. It is followed by Orby USD, which has over $13.5 million in assets.
Further data shows that decentralized exchange protocols within the network are becoming increasingly active. They processed transactions worth $142 million in July, up from $76 million in June. Higher DEX transaction volume is a sign that the network is becoming more active.
The total value locked in the network has been making a slow comeback, reaching a high of $710 million, its highest level since January. The biggest players in the ecosystem are VVS Finance, Tectonic, Orby Network, and Veno Finance.
CRO price recently rose after Trump Media applied for the Blue Chip ETF in a partnership with Crypto.com. The fund will have cryptocurrencies like Bitcoin, Solana, Cronos, and XRP.
Canary Capital also applied for a CRO ETF, which may be approved by the end of the year. These approvals may lead to more demand for the CRO token.
Cronos price technical analysis
The daily chart shows that the CRO price has rebounded in the past few days. This rebound occurred after forming the highly bullish double bottom at $0.07790 and a neckline at $0.1150.
CRO price has formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages crossed each other. It is also forming a bullish pennant pattern, which features a vertical line and a triangle formation.
Therefore, Cronos price will likely have a strong bullish breakout, with the next point to watch being $0.1498, its highest point this year. A move above that level will suggest further gains, potentially reaching the psychological point at $0.200.
