Altcoin
Cronos’ social activity has this to tell about CRO’s performance in the last week
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Journalist
CRO, the native coin of Cronos Chain, witnessed tremendous growth in the last week. According to data from cryptocurrency social analytics platform LunarCrush, the alt stood as the #26 largest cryptocurrency.
CRO also witnessed a rally in its social activity in the last seven days. Furthermore, its social mentions grew by 40% to be pegged at 37,000 as of 23 September. Also, CRO’s social engagements went up by 14% to turn a value of 61.6 million within the same period.
According to LunarCrush, this growth in social activity for the alt led to a 13% rally in its price as of 23 September. At press time, CRO’s price had gone up by 11% in the last seven days, per data from CoinMarketCap.
Interesting social activity with $CRO leading up to its +13% price increase this week??#CRONOS 1-week activity:
? Price: $0.1187 +13%
? Social mentions: 37K +40%
?♂️ Social engagements: 61.6M +14%Insights: https://t.co/pdEWMvleBx pic.twitter.com/AJOmdWs4Fp
— LunarCrush (@LunarCrush) September 23, 2022
Besides the growth in its price, how else did CRO fare in the past week?
CRO has some stories to tell
According to data from Cryptowatch, CRO shares a statistically significant positive correlation with the leading coin, Bitcoin [BTC]. However, while the price of the BTC plummeted by 5% in the past week, the price of CRO went in the opposite direction and shot up by 11%.
Signaling increased liquidity in the CRO market, key indicators have been northbound on a daily chart in the last week. The Relative Strength Index (RSI) was on an upward progression in the past few days and crossed the 50-neutral region.
At press time, the RSI stood at 54. Far from the center 0 line (red), the dynamic line (green) of CRO’s Chaikin Money Index (CMF) rallied in the last week and was positioned at 0.16 at press time. This indicated that the buying pressure for CRO increased significantly during the period under review.
A look at CRO’s Directional Movement Index (DMI) revealed that the buyers controlled the market at press time. The buyers’ strength (green) at 27. 08 stood above the sellers’ (red) at 21.66.
Source: Santiment
On-chain analysis
On a seven-day moving average, CRO’s supply on exchanges fell by 1% in the last week. This movement was favorable to investors as a spike in the metric would have meant that there was a rally in the selling pressure.
Within the period under review, the count for CRO whale transactions also went up. Per data from Santiment, the count for whale transactions over $100,000 went up by 100% in the last week. For transactions above $1 million, CRO transactions count also grew by a 100%.
Source: Santiment
With the close correlation that exists between the growth in an asset’s price and its network activity, it was not surprising that the active addresses that traded CRO in the last week went up.
As of 23 September, daily active addresses on the CRO network had gone up by 28%. Also, new addresses on the network went up by 35% within the same period.
Source: Santiment
The Cronos network houses over 180 projects. Beat down by the impact of the downturn in the general cryptocurrency market, data from DefiLlama showed that the total value locked (TVL) on the network had gone down by 58% since the beginning of the year.
