CRO breaks months-long downtrend as Trump’s media company partners with Crypto.com

According to Monday’s press release, the new products will include digital currencies and securities and focus on diverse industries, including energy.

The announcement triggered substantial recoveries for native token CRO.

The altcoin broke out of a nearly four-month downtrend after a 25% increase in the past 24 hours, hinting at continued gains.

Meanwhile, Crypto.com will ensure custody, support backend tech, and supply digital assets (including Bitcoin, Cronos, and others) for the upcoming ETFs.

Trump Media CEO Devin Nunes commented on the development, stating:

We aim to create inventive funds incorporating firms that concentrate on rapid growth, technological innovation, and strengthening the US economy, unencumbered by woke nonsense and political posturing. Investors will finally have options that adhere to their principles and that support superior US companies precisely focused on their core businesses.

Is a CRO ETF imminent?

Cronos coin issuer Crypto.com has witnessed multiple changes lately as it explores new markets.

The latest collaboration with Trump Media magnified optimism in CRO due to exchange-traded funds hints.

The announcement confirmed that the ETFs will incorporate BTC, CRO, and other digital assets.

However, the team clarified that the ETFs will need regulatory approval before launching.

Trump Media Group is behind Donald Trump’s social media site Truth Social.

Meanwhile, the US president and his family have shown an increased appetite for blockchain technology.

Besides their DeFi platform, World Liberty Financial, the team has issued several NFTs and meme tokens.

CRO’s bullish breakout

The partnership news catalyzed solid rebounds for Cronos.

Analyst Cloudscape highlighted that the alt broke out of an almost 4-month low bearish trend, suggesting impressive short-term upswings.

The daily CRO/USD chart shows the altcoin maintained downtrends since late last year, printing lower lows and lower highs.

Nevertheless, a decisive break beyond the descending trendline indicates a momentum shift, with buyers’ edge.

CRO changes hands at $0.1014, targeting the resistance at $0.1598.

Extended uptrends above this obstacle could trigger substantial gains for the altcoin.

However, immediate weakness could mean a false breakout, with CRO failing to steady above the breakout region.

Such scenarios might drag the digital asset to the support zone at $0.0705.

That would translate to an approximately 30% dip from Cronos’ prevailing price.

CRO’s price action

Cronos led crypto gainers on Tuesday as it soared nearly 25% to trade at $0.1014.

The over 650% increase in 24-hour trading volume highlights renewed investor and trader interest.

A confirmed breakout will see the CRO climb towards the key level at $0.1598 – a 36% increase from the current CRO’s price.

However, a false breakout might send the token back into the descending channel, leading to prolonged consolidation or significant price dips.

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