The price of the CRO token has surged significantly following news of its inclusion in the proposed ETF backed by Trump Media and Technology Group.
CRO Price Surge After Announcement
CRO showed a significant increase of over 20% on Tuesday after Trump Media and Technology Group filed with the U.S. Securities and Exchange Commission to launch a Blue Chip ETF. The fund includes CRO alongside cryptocurrencies like Bitcoin, Ethereum, Solana, and Ripple. Notably, Cronos received a 5% allocation, which is more than the 2% allocated to Ripple.
Analysis of CRO Price Movements
Following the news, the price of CRO rose from $0.081 to a high of $0.10, breaking above a descending trendline and escaping the recent consolidation range. However, the price has slightly retraced and is currently trading around $0.092, just above horizontal support at the $0.089–0.090 range. This area previously acted as resistance and is now being tested for support.
Future Prospects for CRO
In addition to the boost from its inclusion in the ETF, CRO price might gain further momentum from the potential approval of the Canary Staked CRO ETF, which was filed with the SEC on May 30 and is currently under review. These factors may provide much-needed support for CRO holders following recent difficulties surrounding the vote to reissue 70 billion previously burned tokens.
Given the current positive news and potential future events, such as the approval of the new ETF, CRO may continue its upward trajectory, providing investors with more optimistic prospects.
