CRO token price increased by over 39% in the last 24 hours after Trump Media and Crypto.com announced their partnership to create a $6.42 billion CRO treasury.
Announcement of CRO Treasury Creation
On August 25, the companies jointly announced the establishment of Trump Media Group CRO Strategy. The firm will be funded with $1 billion worth of CRO tokens, $420 million in cash and warrants, and a $5 billion credit line from one of Yorkville’s affiliates. This will create the 'first and largest publicly traded CRO treasury company.'
Market Reaction to CRO News
Following the announcement of the partnership and CRO treasury, a wave of buying activity emerged on CRO charts, allowing it to break the resistance at $0.1686. Thus, the token managed to break above the next resistance level at $0.1985. Currently, the price has pulled back below this level.
Technical Analysis and Predictions
After the recent rally, some selling pressure has entered CRO's charts. Trading volume over the past day has dropped from $10.4 million to around $3.628 million. Nevertheless, technical indicators remain optimistic. The RSI is showing upward momentum, and the MACD indicates a positive trend has begun. The current alignment of the exponential moving averages also suggests a potential for further price increases in CRO.
Thus, the news of the CRO Treasury's creation and significant attention from investors create an optimistic outlook for the CRO token, though traders should remain cautious due to potential corrections.
