CRO rallied as high as 17% after the US SEC formally concluded its investigation into Crypto.com. However, most of these gains were quickly erased amid broader market uncertainty.
According to crypto.news data, Cronos (CRO) jumped from $0.097 to as high as $0.114 on Mar. 28 before cooling off to around $0.1064 later in the day during Asian trading hours. Its market cap hit $2.94 billion, and daily trading volume spiked by 71%, with about $138 million worth of CRO changing hands.
CRO got a boost as the community turned bullish after Crypto.com announced that the United States Securities & Exchange Commission had officially ended its investigation.
Todayโs gains extend CROโs upward momentum, fueled further by earlier reports that Trump Media, the parent company of Truth Social, is partnering with Crypto.com to launch three exchange-traded products under the Truth.Fi brand.
These catalysts have helped CRO remain in an uptrend. At press time, on-chain data showed an uptick in the number of large-holder wallets over the past 24 hours. A sign of accumulation among high-net-worth investors.
Its social sentiment had also turned positive, and its funding rate, which dropped to -0.3006% on March 25, has since improved to around -0.003% today. This is typically a bullish sign as more traders are starting to lean bullish again.
CRO price analysis
On the 1-day/USDT chart, CRO has broken out of a four-month-long descending channel, a move often seen as a bullish reversal signal.
Following this breakout, the price formed a bull pennant, a pattern that typically appears after a strong rally and suggests the uptrend may continue after a brief consolidation.
A confirmed breakout from this pennant, especially on strong volume, could suggest the next leg up for CRO.
Technical indicators also support the bullish setup. The Aroon Up is at 78.57% and the Aroon Down at 28.57%, showing that buyers currently have the upper hand. Meanwhile, the RSI is around 67, indicating thereโs still some room for upside before the asset reaches overbought territory.
Hence, CRO could likely continue to recover to test the psychological resistance at $0.12, a break above which could instigate bulls to target its yearly high of $0.165.
However, with the broader crypto market showing signs of uncertainty, CROโs ability to sustain its momentum may depend on overall market sentiment.
Recent developments, such as President Donald Trumpโs announcement of worse-than-expected car tariffs, have negatively impacted market sentiment, leading to a downturn in crypto prices.
Bitcoin (BTC), for instance, dropped 2.9% in the last 24 hours to retest $85,000, while the total cryptocurrency market capitalization was down nearly 5% at $2.87 trillion.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
