Cronos (CRO) has skyrocketed over 30% in the past 24 hours, making it the top-performing altcoin in the market.
The token is now trading at a 30-day high, fueled by renewed investor interest following the announcement of a partnership between Trump Media and Crypto.com. With the high demand for the altcoin, it could maintain this rally in the short term.
On Monday, Trump Media and Crypto.com announced a partnership to explore launching ETFs, including one based on CRO, Bitcoin, and other assets. This development has driven bullish momentum in CRO, with technical indicators signaling a resurgence in the altcoin’s demand over the past 24 hours.
For example, after the partnership was announced, CRO’s Aroon Up Line soared to 100%. This indicator measures the strength and direction of a trend by tracking the time since the highest high (Aroon Up) and lowest low (Aroon Down) over a set period, typically 25 days.
When the Aroon Up line is at 100%, it indicates that a new high has been reached recently and that the uptrend is strong. This suggests sustained bullish momentum, especially if the Aroon Down line remains low, confirming minimal downward pressure. This is true of CRO, whose Aroon Down Line is currently at 0%.
Further, the altcoin’s Parabolic Stop and Reverse (SAR) indicator supports this bullish trend. At press time, the indicator’s dots rest below CRO’s price, offering support at $0.06.
The indicator identifies an asset’s potential trend direction and reversals. When its dots are placed under an asset’s price, the market is in an uptrend. It indicates an asset’s price is rising, and the rally may continue.
CRO Eyes Further Gains – But Can It Avoid a Selloff?
CRO trades at $0.109 at press time, having broken above the resistance at $0.089. With strengthening demand for the altcoin and growing bullish bias, it could extend its rally toward $0.126.
However, if selloffs begin, CRO could shed some of its recent gains and retest the support at $0.089. If the bulls fail to defend it, the token’s price could plunge to $0.068.
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