The price of Cronos (CRO/USD) fell on Friday after the developers launched a new competitor to Ethereum Name Service (ENS). The token fell to a low of $0.1276, which was slightly below this week’s high of $0.1332.
Cronos launches Cronos ID
Cronos is a leading blockchain project built on top of Cosmos. The project, formerly known as Crypto.com, was launched in 2021 to help developers build apps across industries.
Over the past few months, the Cronos ecosystem has grown significantly as the number of developers has surged. Some of the most notable apps in the Cronos ecosystem are Tectonic, MM Finance, and VVS Finance.
In a statement, Cronos said it is launching Cronos ID, a new product that will compete with Ethereum Name Service. It describes itself as an identity and communication protocol to build trust and social engagement in Web3. The product was incubated by Cronos Labs, an accelerator with $100 million in funding.
Cronos ID operates in the Cronos chain although the developers hope to branch out into other chains like Ethereum, Avalanche, and Solana.
Cronos ID is similar to ENS in that it helps anyone create their own .cro domain like invezz.cro. This domain will help users send and receive cryptocurrency to and from their domain. This will help them create their subdomains.
Cronos ID will then launch a second sub-protocol called Cronos Notification Service, which will allow user wallets to automatically receive notifications about on-chain and off-chain events. The other service will be the Cronos ID Messaging service. In a statement, Ken Timsit of Cronos said:
“A service like Cronos ID will be increasingly crucial as Web3 gains momentum and popularity, requiring solutions for less technical users that align their experience around identity, communication and security.”
CRO Price Prediction
The four-hour chart shows that the Cronos price has been following a strong downtrend over the past few weeks. As a result, it managed to break below the 25- and 50-day moving averages. The Relative Strength Index (RSI) moved slightly below the neutral point at 50.
Notably, the CRO price has formed a bearish flag pattern which is displayed in green. In price action analysis, this pattern is usually a bearish sign.
Therefore, it is likely that the coin will soon have a bearish breakout. If that happens, the next key support level to watch will be at $0.1200.
BUSINESS1 month ago
Westerham-based financial planning company buys first firm
FINANCE1 month ago
ESFA Update further education: 19 October 2022
AUTO MOBILE1 month ago
Chicago Drives Electric event in Oakbrook Terrace showcases latest EVs, with cars from Chevy, Ford, Volkswagen and more
WORLD1 month ago
Costco is selling ‘world’s largest’ jigsaw puzzle at 29 feet
HEALTH1 month ago
Vergeire not offered DOH chief post, admits reservations