Cronos Coin Price Jumps as 50M CRO Burn Proposal Opens for Voting

Key Takeaways:

• Cronos (CRO) price has increased 6.04% in the last 24 hours and 124.18% over the past month. 
• A proposal to burn 50 million CRO coins has been introduced, totaling 150 million burned since the mechanism started.
• Key technical indicators suggest a neutral market outlook for CRO in the near term.

The price of Cronos (CRO), the native token of the Crypto.com cryptocurrency exchange, has continued its rally today. It surged 6.04% over the last 24 hours, adding to the 124.18% increase recorded over the past 30 days.

The coin has generated a lot of interest recently due to several developments. The initial excitement grew after the crypto exchange crypto token shared a new roadmap for 2025. The roadmap supports Cronos' goal of being a chain where A.I. agents can interact and trade independently.

50 Million Cronos Coins Burning Proposal

The most recent announcement from the Cronos team, which is stirring excitement within the community, involves permanently burning 50 million units of $CRO coins from the Cronos POS Chain, bringing the total of CRO removed from circulation to 150 million.

🌋 The volcano is calling, #CROFam

The 50M CRO burning proposal on the #Cronos POS chain is now open for voting

🗓️ Validators have 2 weeks to decide. Delegators, align with your validators and help shape the outcome.

👉 Proposal details: https://t.co/jcmu3P0y3h

👉 Track… pic.twitter.com/4tv5FJznYC

— Cronos (@cronos_chain) November 19, 2024

This action follows a previous proposal introducing the CRO burning mechanism, which consistently directs a portion of the $CRO accumulated through emissions into the Cronos POS Chain protocol level community pool.

Related: Bitcoin’s Growth Won’t Peak Until It Smashes $500,000: Bitwise CIO

The total accumulated amount will then be periodically burned to complete the process. As of November 19th, 2024, when the voting commenced, it was reported that the community pool contained around 75 million Cronos coins, and this proposal recommends the burning of 50 million, valued at approximately $8,917,642.56 at the time of reporting, from that total.

Community members have already begun voting on the proposal, with 619,477,507 CRO coins cast in favor of the burn. Validators have two weeks to make their decision.

If the “YES” votes surpass the “NO” votes, the 50 million tokens will automatically transfer from the community pool to a “dead” address, thereby reducing the circulating supply of CRO by that amount.

CRO coin price prediction

The recent announcement regarding the burning of CRO coins has led to a surge in the token's price today; however, trading volume has declined by 18.88% over the last 24 hours, indicating a slight decrease in market activity.

This trend is also reflected in the key technical indicators, which suggest a neutral outlook. For example, the 50-period moving average reveals that the price briefly rose above it but has since pulled back. This indicates a failed attempt to break out, with the moving average now a resistance around $0.18.

The RSI currently stands at 45.83, just below the neutral level of 50. This suggests that the market is slightly bearish but not yet oversold. If the RSI drops to 30, it could signal a potential buying opportunity. On the other hand, an increase above 50 could point to a transition towards bullish momentum.

Additionally, if the price surpasses the 50-period moving average with higher volume and a bullish MACD crossover, CRO may revisit its recent peak of almost $0.19.

Conversely, if the price fails to maintain above the current level of $0.178, it could decline toward the prior support zone around $0.175 or lower, depending on market sentiment.

Related: Where & How To Stake Cronos (CRO) Tokens