CRO surged by as much as 17% following the conclusion of the U.S. SEC’s investigation into Crypto.com. However, much of this increase was soon lost amid overall market volatility.
Data indicates that Cronos (CRO) rose from $0.097 to a peak of $0.114 on March 28, only to settle around $0.1064 later that day during Asian trading hours. Its market capitalization reached $2.94 billion, with a daily trading volume that soared 71% to about $138 million in CRO transactions.
The rise in CRO’s value was spurred by the community’s optimism after the announcement of the SEC’s formal closure of its investigation into Crypto.com.
Today’s increase bolsters CRO’s upward trend, further propelled by earlier news of a partnership between Trump Media, the parent company of Truth Social, and Crypto.com to introduce three exchange-traded products under the Truth.Fi label.
These developments have supported CRO’s ongoing uptrend. Current on-chain metrics reveal a rise in the number of large-holder wallets over the past 24 hours, indicating accumulation by high-net-worth individuals.
The social sentiment around CRO has also turned favorable. After a decline in its funding rate to -0.3006% on March 25, it has since improved to approximately -0.003% today—a typically bullish sign as more traders appear to be shifting towards a positive outlook.
CRO Price Analysis
On the 1-day/USDT chart, CRO has exited a four-month-long descending channel, which is often interpreted as a bullish reversal signal.
In the wake of this breakout, the price has formed a bull pennant, a formation that generally occurs after a significant rally, indicating that the upward trend may persist following a brief consolidation.
A confirmed breakout from this pennant, particularly if accompanied by strong volume, could set the stage for further gains in CRO.
Technical indicators align with the bullish narrative. The Aroon Up is at 78.57%, while the Aroon Down rests at 28.57%, demonstrating that buyers currently have the advantage. The RSI stands at approximately 67, suggesting there is still some potential for further gains before overbought conditions are reached.
As a result, it seems probable that CRO may continue to recover and test the key resistance level at $0.12, and a break above this threshold could encourage bulls to aim for the yearly high of $0.165.
Nevertheless, considering the broader crypto market’s signs of uncertainty, CRO’s ability to maintain its momentum might hinge on overall market sentiment.
Recent announcements, such as those from President Donald Trump regarding disappointing car tariffs, have negatively influenced market sentiment, contributing to declines in cryptocurrency prices.
For example, Bitcoin (BTC) fell by 2.9% in the last 24 hours, retreating to the $85,000 mark, while the total cryptocurrency market cap decreased nearly 5%, settling at $2.87 trillion.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.