Cronos (CRO) Price Forecast: Decline Predicted as Long-Term Investors Sell

Cronos (CRO) price has dipped by 19% in May, which is attributed to long-term investors losing confidence according to on-chain data. This article provides a data-driven analysis of where the CRO price is likely heading in the coming weeks.

The CRO price plummeted to $0.06 on May 26, the first time since January 2023. The decline in May can be attributed to the bearish trading activities of long-term investors on the Cronos network. On the Cronos blockchain network, the Mean Coin Age dropped 22% from 45.5 to 35.5 between May 1 and May 26, which indicates that most long-term investors are losing confidence. The number of new participants joining the network has also been decreasing steeply since early May.

Network growth tracks the number of new wallet addresses created daily on a blockchain network and indicates the project is losing market share when it drops persistently. Evidently, the Cronos network has struggled to attract new users, which could further trigger CRO prices to get stuck in a downward spiral if the Cronos team fails to stimulate investor confidence and spark new demand.

CRO price could experience support around the $0.057 zone with In/Out The Money Around Price (IOMAP) data from IntoTheBlock, where 1,690 investors bought 3.88 million CRO at an average price of $0.057. Nevertheless, if the bearish trend persists, the price could slide further towards $0.052 which seems the most likely CRO price prediction. On the other hand, the bulls could invalidate the bearish CRO price prediction if it breaks above the critical $0.063 resistance zone, but a potential sell wall from the 3,590 investors will likely prevent that. However, CRO could still rally toward $0.07 if the bulls manage to breach that resistance level, though this scenario is unlikely.