Cronos (CRO) price forms a double top as VVS Finance, Tectonic TVL rises

Cronos (CRO) price bounced back on Wednesday as most cryptocurrencies continued their comeback. The token rose to an intraday high of $0.1100, which was higher than this week’s low of $0.084. In all, it has jumped by over 100% from the lowest point in October.

Cronos, formerly known as Crypto.com Coin, has done well in the past few days. This rebound happened because of the ongoing crypto rally. Bitcoin, the biggest coin in the world, has jumped above $35,000 while Ethereum has soared to over $2,000. The total market cap has soared to over $1.4 trillion.

The ongoing crypto rally has pushed tokens of most centralized and decentralized exchanges higher. For example, PancakeSwap, dYdX, and THORChain have jumped by over 20% in the past 24 hours. Other related tokens like Synthetix and OKB have jumped.

Similarly, Coinbase, the only listed exchange in the United States, has also jumped sharply in the past few months. The view is that the crypto rally will lead to more demand for digital currencies.

Cronos has also jumped as the VVS Finance platform booms. VVS, the biggest DEX in its ecosystem, has seen its volume jump. Its Total Value Locked (TVL) has risen by over 54% in the past 30 days to over $190 million. This is a sign that demand is starting to move back in.

Further, Tectonic (TONIC), a leading lending protocol in the ecosystem has also seen more volume. Its TVL has jumped to over $129.68 million, a 6% increase in the past 30 days. Other top-performing players in the ecosystem are MM Finance, Veno Finance, and Argo Finance. 

In total, Cronos has a combined DeFi TVL of over $370 million, which is still lower than its all-time high of over $4.4 billion. In CRO terms, the ecosystem has a TVL of 4.21 billion, which is higher than this month’s low of 3.48 billion CRO.

Further, Crypto.com recently received a license in the United Arab Emirates (UAE), boosting the CRO price higher.

The daily chart shows that the CRO crypto price has been in a strong bullish trend in the past few weeks. It is now bouncing back after falling in the past three straight days. CRO has remained much above the 50-day and 100-day moving averages. At the same time, the Relative Strength Index (RSI) has moved slightly below the overbought point.

Therefore, I suspect that the coin is slowly forming a double-top pattern whose highest level is at $0.1230. The neckline of this pattern will be at $0.084. Therefore, the token has some more upside as buyers target the YTD high of $0.1231.

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