Cronos (CRO) Price Surges 30% on Trump Media ETF Announcement
Key Takeaways
- Cronos(CRO) is partnering with Trump Media for an ETF launch.
- The CRO price surged 30% after launch, reaching a new monthly high.
- Will the CRO price increase continue, and what’s the next target?
- Interested in buying or selling CRONOS (CRO)? Read our review of the best exchanges to buy and sell CRONOS (CRO).
On March 24, Crypto.com announced a partnership with Trump media to develop Exchange-Traded Funds (ETFs) under the Truth.Fi brand. The ETFs will provide exposure to Bitcoin (BTC), CRO, and other industries.
Crypto.com, known for its credit card and exchange, confirmed the ETFs will be available in its app upon launch, while CEO Kris Marszalek expressed pride in the partnership.
The CRO price spiked upon the news, increasing over 30% and reaching a new monthly high. The key question is: Will the rally continue after the excitement from the news dissipates?
CRO Price Spikes
Since September 2023, the CRO price has increased alongside an ascending support trend line, using it as a spring to reach the cycle high of $0.233 in December 2024.
More recently, the trend line (black circle) has been touched four times in the past month, leading to a significant bounce this week.
If the CRO price increase continues, the next closest resistance will be at $0.132, a Fibonacci and horizontal resistance level.
While the CRO price has bounced, technical indicators are not bullish yet. While the Relative Strength Index (RSI) is increasing, it is still at 50.
The Moving Average Convergence/Divergence (MACD) gives a similar reading. The indicator attempts to make a bullish cross but is still below 0.
So, the weekly time frame does not confirm if the CRO price has started a bullish trend reversal or simply a relief rally.
Early March Breakout
The daily time frame chart shows that the CRO price broke out from a descending resistance trend line on March 6, coinciding with a Cronos Strategic Reserve Proposal announcement.
The breakout follows a five-wave downward movement (red) that ended on Feb. 28. Thus, the wave count suggests that the trend is bearish and the ongoing increase is just a relief rally.
The most likely count suggests that CRO is in wave A of an A-B-C structure (green), which could take the price to the 0.5-0.618 Fibonacci retracement resistance area of $10.151-$0.171.
The previously outlined resistance level of $0.131 could act as a local top, marking the end of wave A. Afterward, wave C could reach the outlined target.
Unlike the weekly time frame, technical indicators are bullish. This is especially visible in the MACD, which has generated a bullish divergence (orange) and is positive.
So, while the weekly time frame is uncertain, the daily one suggests the CRO increase will continue in April.
CRO Rally Continues
The CRO price increased significantly after Crypto.com partnered with Trump media to develop several ETFs.
CRO’s price showed bullish signs even before the ETF announcement, which was triggered by a Cronos Strategic Reserve Proposal, which has since passed.
While the CRO price will likely increase in the short-term, the direction of the long-term trend remains unclear.
CRO Price Breaks 90-Day Resistance After Cronos Strategic Reserve Proposal
