Crypto.com is one of the few centralized exchanges that survived the market woes of 2022. analysis done by CryptoCompare shows that CEX had an average market share of 4.6% last year. Cronos’ native token, despite its challenges, can withstand the punch.
Although this is incredibly small compared to wide shot from the market, survival can only mean great for growth.
CRO and Macroeconomic Trends
The crypto market saw its value fall sharply as the bear market took hold of the broader financial market. With major crypto institutions collapsed and the crypto market is studied his mistake from the 2008 financial crash, the industry is ready for the start of a new year.
The Minutes of the Federal Open Market Committee (FOMC) Meeting that started yesterday will definitely have an impact on Cronos (CRO) as a whole. Next stick at the price of the previous day, the minute gave new hope to investors as Cronos traded at $0.0597 and gained 2.4% in the last 24 hours.
Image: Coingecko
Major cryptocurrencies like Bitcoin and Ethereum also rose after the news of the seemingly dovish macroeconomic stance by the US Federal Reserve.
This dovish attitude could be a sign that the consumer price index (CPI) may be lower than November. It is a strong sign that the interest rate hike in the previous year had a strong impact on managing the inflation problem. However, it remains to be seen whether it will go down or not.
Image: CryptoSlate
Investors should watch this level…
Good macro aside, the central bank is still hawkish receiver of crypto in the financial system. But with that said, the crypto market and the traditional financial space more and more intertwined with each other and with the International Monetary Fund pushing for regulation.
Although the market should anticipate the introduction of legislation, CRO investors should still focus on macro trends that will have an impact on the current market. Next week, the Fed is expected to release CPI data that will have an impact on the market.
Meanwhile, investors and traders should watch for a breakthrough in the current CRO resistance at $0.0607 which will be a bullish indicator of things to come.
But with CPI data coming in, forgoing major decisions may be the wisest option.
CRO/USD pair trading at $0.0595 on the daily chart | Chart: TradingView.com
Monitoring how Bitcoin and Ethereum move will also be important. Although Cronos’ correlation is currently low, the major market moves made by these two top cryptos will determine where the entire cryptocurrency market goes.
However, with afraid from the recession holding the market, earnings higher than $0.0638 may be impossible for Cronos as investor sentiment has waned.
As the situation unfolds, investors and traders will have answers about what to do with their Cronos holdings.