CRO broke out of its multi-week consolidation phase following new developments within its ecosystem and the announcement of potential ETF plans.
Cronos (CRO), rose 38% to an intraday high of $0.114 on March 25 afternoon Asian time as it broke out of its consolidation range of $0.07-$0.095 in which it had been stuck in for the past 4 weeks. Its market cap was seated at $2.26 billion, while its daily trading volume skyrocketed over 1,300% to nearly $300 million amid a large influx of trading activity.
Today’s gains followed reports that Trump Media & Technology Group, the parent company of Truth Social, has entered into a non-binding partnership with Crypto.com to launch a new line of exchange-traded products under the Truth.Fi brand.
These upcoming ETFs and ETPs are expected to include cryptocurrencies like CRO and Bitcoin alongside traditional securities that highlight a “Made in America” theme, touching industries such as energy, manufacturing, and more.
Investors are hyped as the initiative appears to be in line Crypto.com’s broader strategy, which includes plans to file for a dedicated CRO ETF later this year, likely in the fourth quarter.
Meanwhile, the altcoin also picked up traction as the project is set for a mainnet upgrade tomorrow, March 26, at 7:00 AM UTC.
The upgrade will introduce Smart Account SSO, allowing users to log in with Google, Apple ID, or email, eliminating the need for seed phrases or private keys. It also lays the groundwork for the ZK Gateway, which is expected to improve cross-chain interoperability for ZK-rollup chains.
Derivatives traders are piling into CRO, with open interest in its futures market nearly doubling to over $44 million in a single day, according to CoinGlass. Social sentiment has also turned positive, with CRO trending on X.
Market commentators are bullish on the token’s long-term prospects. One community member predicted a potential surge to $3, a gain of over 2,600% from current levels.
Another anonymous analyst, CW8900, noted that a breakout above the $0.235 mark could trigger a full-fledged bull run for CRO.
CRO technical analysis
Technical indicators also point to more gains for CRO ahead.
On the 1-day/USDT chart, CRO has moved above the 50-day and 200-day exponential moving averages, a building sign of a sustained bullish reversal.
The MACD line has crossed the signal line with both pointing upwards while the Chaikin Money Flow Index was gradually shifting towards the neutral line which indicates that buying pressure is building up and fresh capital or funds is starting to flow into the asset.
Hence, the next possible target for CRO is the $0.15 psychological resistance, a key level that could act as a short-term hurdle. A break above this zone could give bulls the confidence to push further, potentially setting their sights on CRO’s December high of $0.214 as the next major upside target.
However, community backlash over Crypto.com’s reissuance of 70 billion previously burned CRO tokens has raised questions around transparency. If the situation escalates further, it could stall or even reverse the current bullish momentum.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
