CRO Surges as New Developments boost Market Sentiment
Cronos (CRO) has broken out of its multi-week consolidation phase, soaring 38% to an intraday high of $0.114 on March 25. This surge comes after several key developments within its ecosystem.
One major factor is the partnership between Trump Media & Technology Group and Crypto.com.They plan to launch exchange-traded products under the Truth.Fi brand. These products will include cryptocurrencies like CRO and Bitcoin, alongside traditional securities.
This initiative aligns with Crypto.com’s strategy to file for a dedicated CRO ETF later this year. Simultaneously occurring, Cronos is set for a mainnet upgrade on March 26. The upgrade will introduce Smart Account SSO, simplifying user logins, and lay the groundwork for the ZK Gateway, enhancing cross-chain interoperability.
Derivatives traders are also showing interest, with open interest in CRO futures nearly doubling to over $44 million.Social sentiment has turned positive, with CRO trending on X.
Technical indicators suggest more gains for CRO. It has moved above the 50-day and 200-day exponential moving averages, indicating a bullish reversal. The next target is the $0.15 resistance.
Though, community concerns over Crypto.com’s reissuance of 70 billion previously burned CRO tokens coudl impact the bullish momentum. Despite this,market commentators remain bullish on CRO’s long-term prospects.
