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Cronos (CRO/USD) price pulled back on Friday after the developers launched a new competitor to Ethereum Name Service (ENS). The token dropped 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 applications in all industries.
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In the past few months, Cronos ecosystem has expanded dramatically as the number of developers has jumped. Some of the most notable applications in Cronos’ ecosystem are Tectonic, MM Finance, and VVS Finance.
In a statement, Cronos said that it was 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 launch in other chains like Ethereum, Avalanche, and Solana.
Cronos ID is similar to ENS in that it helps anyone to create their own .cro domain like invezz.cro. That domain will help users to send and receive cryptocurrency to and from their domain. It will help them to create their subdomains.
Cronos ID will then launch a second subprotocol known as Cronos Notification Service, which will enable users’ wallets to receive notifications about onchain and off-chain events automatically. The other service will be Cronos ID Messaging service. In a statement, Ken Timsit of Cronos said:
“A service like Cronos ID will be increasingly crucial as Web3 gains mass adoption and popularity, requiring solutions for less technical users that harmonize their experience around identity, communication, and security.”
CRO price prediction
The four-hour chart shows that the Cronos price has been in a strong bearish trend in the past few weeks. As a result, it managed to move below the 25-day and 50-day moving averages. The Relative Strength Index (RSI) moved slightly below the neutral point at 50.
Notably, CRO price has formed a bearish flag pattern that is shown in green. In price action analysis, this pattern is usually a bearish sign.
Therefore, there is a likelihood that the coin will have a bearish breakout soon. If this happens, the next key support level to watch will be at $0.1200.
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Image and article originally from invezz.com. Read the original article here.