- Cronos price soars 50% on a massive 131% surge in trading volume, hitting a $12B market cap.
- Crypto.com teams up with Trump Media & Technology Group, making CRO a utility token on Truth Social with a $105M token purchase.
- Technicals show strong momentum, but RSI at 83 signals overbought conditions; traders eye $1 breakout and possible $3 target.
Cronos price has risen 50% in the last 24 hours to trade at $0.3397 as of 5:38 a.m. EST on a 131% surge in trading volume to $2.38 billion. CRO market cap surged to $12.02 billion, a 3-year high, before pulling back to $11.52 billion. Cronos currently tops Coingecko’s list of trending tokens in the last 24 hours.
Crypto.com Partners With Trump Media & Technology Group
The increase in price comes hot on the heels of an announcement that Crypto.com is teaming up with Trump Media & Technology Group, the company behind Truth Social. For regular folks dipping their toes into crypto, this could mean easier ways to buy, sell, or even tip with CRO right on the platform.
According to the partnership announcement by Crypto.com, CRO will become a “utility token” for Truth Social. That basically means it’ll power features like payments or rewards within the app. On top of that, Trump Media plans to buy about $105 million worth of CRO tokens – that’s over 685 million coins – to hold on their balance sheet. Crypto.com’s digital wallet tech will also get baked into Trump Media’s platforms, making crypto more accessible for users who might not be tech-savvy.
The two companies are merging efforts through a special purpose acquisition company (SPAC) to create a new venture called Trump Media Group CRO Strategy. This firm aims to build a massive $6.4 billion treasury focused on CRO, starting with $1 billion in holdings. Reports say this could elevate CRO as a cornerstone for “digital freedom,” tying into Trump Media’s push for uncensored online spaces.
Cronos Price Eyes $1 Breakout — Is $3 Next?
The weekly chart for CRO/USDT shows back in 2022, CRO was riding high at around $0.70, but it took a nosedive during the crypto winter, bottoming out near $0.05 by late 2023. However, since then, the price has been grinding upward, forming what looks like a rising channel pattern.
Following the recent partnership news, CRO price has broken out above the channel. The recent candles show a sharp spike to $0.3380, up over 115% from recent lows, though the immediate surge from the news hit around 50% as reported.
Below the price, there’s the Relative Strength Index (RSI) indicator at 83.18, which is in overbought territory (above 70), suggesting the rally might be getting ahead of itself and could cool off soon.
The Moving Average Convergence Divergence (MACD) lines are crossing positively, with the blue line above the orange, indicating bullish momentum. Histogram bars are green and growing, reinforcing that upward push.
This chart indicates opportunity, but with caution. CRO has climbed from the ashes, but overbought signals mean don’t chase it blindly. Maybe wait for a dip first.
What’s Next For Cronos Price?
Looking ahead, if the partnership delivers real utility, like seamless crypto use on Truth Social, CRO could stabilize higher. But crypto is volatile, so keep an eye on those indicators. This deal blends politics, social media, and crypto in a way that no other crypto asset has managed before. And it has everyone talking. As of now, CRO is bullish, but the chart hints at more twists ahead.
