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Cronos (CRO) Price: Trump Media Partnership Fuels 30% Token Rally
In a shocking turn of events, the price of Cronos (CRO), the native token of Crypto.com, has surged an astonishing 30-55% in the past 24 hours. This massive rally is directly attributed to the recent partnership announcement between Trump Media and Technology Group (TMTG) and Crypto.com, aimed at developing exchange-traded funds (ETFs).
According to reports, these ETFs will provide exposure to Bitcoin, Cronos, and other “diverse industries such as energy” under the “Truth.Fi” brand. This bold move is expected to increase adoption and liquidity in the market.
As a result of this partnership, CRO trading volume has skyrocketed nearly six times from $21 million to an unprecedented $126 million. The daily transactions have also more than doubled, indicating significant interest in the token.
In preparation for this sudden price rally, traders are advised to take a closer look at the technical analysis. Observations reveal that CRO has formed strong support levels, with a bottoming point at $0.0715. Furthermore, it has struggled to drop below this level several times since August last year, indicating that a quadruple-bottom pattern may be forming.
This potential pattern suggests that the price will not fall below $0.0715 and is expected to continue rising towards a neckline at $0.2332, which was its highest point on December 4th. Additionally, the RSI has trended upward, signifying an increase in momentum.
As traders, it would be wise to consider this prediction as some analysts anticipate that CRO’s price will rise another 30% toward a resistance point of $0.133.
It is worth noting that the upcoming Cronos zkEVM mainnet upgrade, scheduled for March 26th and involving a brief network downtime of around 1-2 hours, may also have contributed to this substantial price increase.
To sum it up, the announcement of the partnership between Trump Media and Crypto.com has sparked unprecedented interest in CRO, resulting in an impressive 30-55% gain over the past day. As investors and traders consider their next move, it is crucial to stay informed about market developments and technical analysis predictions to make data-driven decisions.
Stay tuned for further updates as the situation unfolds!
Source: https://blockonomi.com/cronos-cro-price-trump-media-partnership-fuels-30-token-rally/
