CRO has emerged from a prolonged consolidation period, prompted by recent advancements within its ecosystem and the announcement of prospective ETF initiatives.
Cronos (CRO) surged by 38% to an intraday peak of $0.114 on March 25 during Asian afternoon trading, breaking free from the $0.07-$0.095 range it had occupied for the last four weeks. Its market capitalization stood at $2.26 billion, with daily trading volume exploding over 1,300% to nearly $300 million amidst a surge of trading activities.
The rise today followed reports indicating that Trump Media & Technology Group, the parent organization of Truth Social, has engaged in a non-binding collaboration with Crypto.com to introduce a new line of exchange-traded products under the Truth.Fi brand.
These forthcoming ETFs and ETPs are anticipated to feature cryptocurrencies, including CRO and Bitcoin, alongside traditional securities that promote a “Made in America” ethos, encompassing sectors such as energy and manufacturing.
Investor enthusiasm is palpable as this initiative aligns with Crypto.com’s broader strategy, which includes plans to file for a dedicated CRO ETF later this year, likely in the fourth quarter.
Simultaneously, interest in the altcoin has surged as the project prepares for a mainnet upgrade scheduled for tomorrow, March 26, at 7:00 AM UTC.
The upgrade will introduce Smart Account SSO, enabling users to log in using Google, Apple ID, or email, thus removing the requirement for seed phrases or private keys. It will also set the stage for the ZK Gateway, expected to enhance cross-chain interoperability for ZK-rollup chains.
Derivatives traders are flocking to CRO, with open interest in the futures market nearly doubling to over $44 million in just one day, as reported by CoinGlass. Social sentiment has shifted positively, and CRO has been trending on X.
Market observers are optimistic about the long-term outlook for the token. One community member projected a potential rise to $3, suggesting a massive gain of over 2,600% from current prices.
Another anonymous analyst noted that a breakout above $0.235 could trigger a significant bull run for CRO.
CRO Technical Analysis
Technical indicators also suggest further gains for CRO in the near future.
On the 1-day/USDT chart, CRO has risen above both the 50-day and 200-day exponential moving averages, indicating a potential sustained bullish reversal.
The MACD line has crossed above the signal line, with both components trending upward, while the Chaikin Money Flow Index is gradually moving toward the neutral line, suggesting that buying pressure is building and new capital is beginning to flow into the asset.
Thus, the next possible target for CRO could be the psychological resistance at $0.15, which might act as a short-term challenge. A breakout past this level could empower bullish traders to drive the price higher, possibly aiming for December’s high of $0.214 as the next significant target.
However, community concerns regarding Crypto.com’s decision to reissue 70 billion previously burned CRO tokens have raised issues about transparency. Should this situation intensify, it may impede or even reverse the ongoing bullish momentum.
Disclosure: This article does not constitute investment advice. The content and materials presented here are for educational purposes only.