The combined value of all cryptocurrencies is still locked at over $900 billion, which highlights the rising pressure on the world market as it affects the cryptocurrency market. Even external forces, which typically succeed in saving tokens during such bearish periods, are ineffective at the moment.
With Cronos, Crypto.com’s cryptocurrency, hitting a four-month low, the company serves as an illustration of the same.
The lack of volatility that Cronos experiences is similar to that of other cryptocurrencies, and it is now unable to overcome the resistance of $0.132. This level, which corresponds to the current low price of CRO, has been tested numerous times over the past four months.
The fact that Cronos is now not observing sufficient buying pressure to rally the price can also be considered a contributing factor to the lack of growth. The same is confirmed by the Relative Strength Index (RSI) around the neutral line.
According to the Crypto Fear and Greed Index, the market is extremely fearful right now, which is why the buying pressure is fragile. The same worry that has held the Cronos price steady over the past three months is still present.
Profits diverge even as Crypto.com grows
The investments of CRO holders are suffering as a result of the declining prices. The total amount of investors who have profited since CRO’s record high of $0.781 has dropped from 81.39% to just 23.36%. Over 198k addresses, or 74% of investors as of this writing, are currently experiencing losses.
Nevertheless, Crypto.com is continuing to work on steadily expanding its network, and this week brings additional advancements. On September 30, Minted Vault was incorporated into the Crypto.com DeFi Wallet, enabling investors to passively collect token incentives.
Users can search for and purchase NFTs using the wallet’s integration with OpenSea, the Ethereum NFT marketplace, without having to go there separately.
Even while these initiatives don’t represent much for the neighborhood, they are a step in the right direction and will have an impact on the price when CRO eludes the bears.