Key takeaways
- Altcoins have performed excellently over the last 24 hours, with Ether, XRP, and Aave leading the way.
- Cronos’s CRO token is the best performer in the top 50, up 18% and eyeing the $0.1099 resistance level
Cronos rallies on Truth Social’s Crypto Blue-Chip ETF
Altcoins have had a positive 24 hours, with Ether, Solana, XRP, and Cardano all adding 3% to their values. Aave and Cronos (CRO) are other coins that have performed excellently, backed by strong fundamentals.
CRO, the native coin of the Cronos blockchain, is the best performer among the top 50 cryptocurrencies by market cap. The coin added 18% to its value in the last 24 hours to hit a high of $0.1000 (UTC+8) before retracing to now trade at $0.0970.
The rally was fueled by reports that confirm that CRO will be part of the Crypto Blue-Chip ETF that Truth Social filed with the SEC. The fund was proposed by Truth Social in partnership with Trump Media & Technology Group.
The ETF is set to bring together top cryptocurrencies into a single financial product to be listed on NYSE Arca. Its distribution was set at 70% for Bitcoin, 15% for Ethereum, 8% for Solana, 5% for Cronos, and 2% for XRP. This announcement sparked a rally for CRO.
CRO is the native coin of Cronos, the blockchain created by cryptocurrency exchange Crypto.com.
CRO eyes the $0.1099 resistance level amid bullish indicators
The CRO/USD 4-hour chart is bullish and efficient, indicating that traders have swept liquidity to the downside and are ready for another leg up. The technical indicators are bullish, suggesting that CRO could rally higher.
The RSI of 77 shows that CRO is currently heading into the overbought region after adding 18% to its value in the last 24 hours. The red and blue MACD lines have also crossed into the positive zone, suggesting buying pressure.
With the bulls still in control, CRO could rally to the next resistance level at $0.1099 (UTC+8) over the coming hours or days. It has already established a weak support level at $0.0919 after gaining efficiency a few hours ago.
If the rally continues, CRO could test the next major resistance level at $0.1202 (UTC+8), its highest level since March.
However, if the bears regain control, CRO could lose its recent gains and test the $0.0793 support level. The TLQ at $0.0691 should provide strong support in case the bearish trend lingers on.
