Cronos (CRO) price drops to new low: future forecast

Cronos (CRO) price is down 19% this month. On-chain data suggests that long-term investors are now losing faith. What is the most likely CRO price forecast for the coming weeks?

On Friday, May 26, the price of Chrono (CRO) fell for the first time since January 2023 to $0.06. With long holders exiting their positions, here is a data-driven analysis of where CRO price could be headed next.

Cronos’ Long-Term Investors Are Selling Off

The 18% price drop in May can be attributed to bearish trading activity among long-term investors on the Cronos network.

Symbolically, between May 1 and May 26 CRO mean coin age fell 22% from 45.5 to 35.5. in simple terms, mean coin age Evaluates how long CRO coins in circulation have remained in their current wallet address.

Cronos (CRO) Price Prediction May 2023 - Mean Coin Edge Data
Cronos (CRO) Price Prediction May 2023 – Mean coin age data. Source: Sentiment

When it falls significantly, as seen above, it indicates that most long-term investors are losing faith. If the trend continues, it could spread bearish momentum across the Cronos network.

New user acquisition rate is declining

Moreso, the number of new participants joining the Cronos network has dropped sharply since the beginning of May.

The chart below shows how the CRO network growth has fallen by 65% ​​since the end of April. Specifically, on April 28, 192 new wallet addresses were created on the Kronos blockchain network. Meanwhile, only 68 new addresses were registered on May 26.

Cronos (CRO) Price Prediction, May 2023 - Network Growth Data
cronos (cro) price prediction, May 2023 – Network Growth Data. Source: Sentiment

Network growth tracks the number of new wallet addresses created daily on the blockchain network. As seen above, this indicates that the project is losing market share on a continuous decline.

Apparently, the Cronos blockchain network is struggling to attract new users as the price of CRO plummets.

In short, if the Cronos team is unable to make the necessary changes to rekindle investor confidence and spark new demand, CRO prices could head lower.

CRO Price Prediction: Bears Could Trigger a Pullback to $0.052

A drop to $0.052 is the most likely CRO price prediction, given the slow demand and bearish activity among long-term investors of Cronos.

intoblockIn/Out of the Money Around Price (IOMAP) data suggests that CRO will experience support around the $0.057 area. As seen below, 1,690 investors who bought 3.88 million CROs at an average price of $0.057 may struggle.

However, if the bearish momentum sustains, the price could drop as low as $0.052 as predicted.

Cronos (CRO) Price Prediction - IOMAP Data.  May 2023
Cronos (CRO) Price Prediction – IOMAP Data, May 2023. Source: IntoTheBlock

Conversely, if there is an upside break above the crucial $0.063 resistance area, the bulls could invalidate the bearish CRO price forecast.

But a potential selling wall of 3,590 investors who bought 64.9 million CRO at an average price of $0.063 will likely stop it.

Although unlikely, if the bulls manage to break that resistance level, CRO could still move higher towards $0.07.


In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your research and seek professional advice before making any financial decisions.

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