The cryptocurrency market is witnessing a significant rise in the price of Cronos (CRO) following the announcement of a new digital asset formed by Trump Media and Technology Group in collaboration with Crypto.com.
Price Surge of CRO
CRO soared by 19% in a single day, extending its weekly gain to 63%. This dynamic movement was supported by the recent announcement of the formation of a digital asset firm with a $6.4 billion commitment to CRO.
Fractal Structure and Its Implications
On the CRO chart, a remarkable pattern is forming, similar to its last two explosive rallies in February and November 2024. In both instances, CRO bounced from the green accumulation zone and broke above its downtrend line and 100-day moving average, leading to bull rallies of 96% and 186%, respectively. Now, after bouncing once again from the accumulation zone, the token has risen above the 100-day MA.
Outlook for CRO
The RSI currently stands at 83.6, indicating strong momentum, but it has not yet reached the peak level of 96 where previous rallies faced rejection. This suggests that CRO may still have room to run before hitting exhaustion, possibly climbing towards the ascending resistance trendline near $0.32, representing another 36% increase from current levels.
Thus, the price dynamics of Cronos (CRO) indicate further growth potential, especially in light of recent developments with partners. However, as always, investors should conduct their own research.
