Why is Cronos (CRO) rallying today?

• The price of Cronos has risen 17% on Tuesday, following a nearly 18% increase the day before.
• A recent collaboration between Trump Media & Technology Group and Crypto.com was a key driver of the price surge.
• The anticipated mainnet upgrade for CRO provided additional support for its upward movement.
• Technical indicators and open interest data imply that the rally may continue.

Cronos (CRO), associated with the Crypto.com platform, saw its price increase by 17% on Monday, trading around $0.11 after a nearly 18% rise the previous day. This price surge is primarily attributed to the partnership announced between Trump Media and Technology Group and Crypto.com on Monday, along with the forthcoming mainnet upgrade for CRO this week. Additionally, both the technical outlook and open interest data point to the potential for an ongoing rally.

What is driving Cronos’s rise today?

The price of Cronos increased by more than 17% during the early trading hours in Asia on Tuesday, building on a gain of 17.54% from the previous day. The two significant factors behind this price increase are as follows:

Firstly, the announcement by President Trump’s Trump Media and Technology Group (TMTG) regarding their intention to launch a series of ETFs in partnership with Crypto.com by 2025. These ETFs will focus on cryptocurrencies and US-origin securities, facilitated through Crypto.com’s broker-dealer, Foris Capital. Crypto.com will serve as the official token supplier for these cryptocurrency ETFs, including Bitcoin, Cronos, and other tokens recognized as “Made in America.”

Secondly, the imminent zkEVM v26 mainnet upgrade for Cronos scheduled for Wednesday also contributes to the price boost. This upgrade will enable Smart Account SSO, which streamlines logins via Google, Apple ID, or email, eliminating the need for seed phrases or private keys. It will also establish the groundwork for the ZK Gateway, enhancing interoperability among ZK-chains.

Cronos Price Outlook: CRO bulls target the $0.133 level

Cronos recently broke through its declining trendline, drawn by connecting multiple highs since early December, on March 6. It then encountered resistance near its daily resistance of $0.089. However, CRO managed to break and close above the $0.089 level on Monday, resulting in a 17.54% gain. As of Tuesday, it continues to trade higher by 17%, around $0.11.

If CRO maintains its upward trajectory and closes above the weekly resistance level of $0.108, it may retest its January 31 high of $0.133.

The RSI on the daily chart is currently at 71, exceeding the overbought threshold of 70 and trending upwards, which indicates strong bullish momentum. However, traders should exercise caution as the RSI approaches overbought territory, increasing the likelihood of a pullback. Alternatively, the RSI could stay above 70 and continue its ascent.

CRO/USDT daily chart

The increase in Cronos’s Open Interest (OI) further cements the bullish outlook—data from Coinglass indicates that the futures’ OI for CRO across exchanges rose from $21.49 million on Monday to $39.19 million on Tuesday, marking the highest level since January 22. This increase in OI suggests that new investment is entering the market, which supports the expectation of a continued rally in CRO’s price.

CRO open interest chart. Source: Coinglass