- Cronos’s price action broke a significant falling trendline, climbing past resistance at $0.089 and targeting $0.133.
- RO futures open interest soared from $21.49 million to $39.19 million in a day, reflecting heightened trader activity and liquidity.
Cronos (CRO), the native Crypto.com token, continued its second day of gains, rising 17% during Tuesday’s session. The recent surge, which began with an 18% gain on Monday, was fueled by significant news events. These included a strategic tie-up with Trump Media & Technology Group (TMTG) and a planned network upgrade.
Key Drivers Behind Cronos Price Surge
One of the major drivers behind CRO’s price surge is the news of a partnership between Crypto.com and TMTG. Under the tie-up, the two companies will launch a series of exchange-traded funds (ETFs) during 2025. The ETFs will be based on crypto and U.S.-based securities and will be offered through Crypto.com’s brokerage entity, Foris Capital. The development comes just a week after Crypto.com issued 70 billion CRO tokens, as mentioned in our last story.
According to the deal, Crypto.com will serve as the main token provider for the new crypto ETFs, as noted earlier. The project will feature Bitcoin, Cronos, and other cryptocurrencies aligned with a “Made in America” niche. Investors greeted the news with enthusiasm, driving CRO’s price higher.
Another driver of Cronos price’s robust performance is its soon-to-launch zkEVM v26 mainnet upgrade, scheduled for release on Wednesday. The upgrade is anticipated to boost the blockchain’s capabilities, introducing Smart Account SSO, which streamlines authentication via Google, Apple ID, or email. This does away with the use of standard seed phrases or private keys, enhancing user accessibility and security.
In addition, the upgrade will lay the groundwork for the ZK Gateway, a feature that will facilitate effortless interoperability between zero-knowledge (ZK) rollup chains. These upgrades place Cronos on the path to higher scalability and efficiency, which will increase investor confidence.
Technical Analysis: CRO Targets $0.133 Resistance
Cronos’s upbeat price action has propelled it past a very significant falling trendline, which had been capping gains since early December. The breakout happened on March 6, and the token initially encountered resistance at $0.089. Nevertheless, on Monday, CRO conclusively broke above this level, closing well above its prior highs and pressing higher still on Tuesday to about $0.11.
The second significant resistance to observe is $0.133, a level that was last challenged on January 31. As long as the bullish momentum continues and CRO manages to post a daily close above $0.108, the rally might continue further to this target.
Technical indicators point to intense market interest, with the Relative Strength Index (RSI) in the daily chart sitting at 71, just above the overbought level of 70. Though this indicates intense upward momentum, traders need to be careful because an RSI in an overbought area sometimes points toward a possible correction. Nonetheless, if CRO continues its momentum, the rally might persist even in overbought conditions.
According to Coinglass, CRO futures open interest shows a steep increase. The OI across different trading platforms rose from $21.49 million on Monday to $39.19 million on Tuesday, the highest since January 22.
An increasing OI shows that fresh capital is flowing into the market, supporting bullish sentiment. The entry of more liquidity indicates that traders are positioning themselves aggressively for more upside in CRO price action.
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