Crypto.com Clears SEC Probe, Spikes 15%: Will Prices Rise Further?

CRO experienced a surge of up to 17% following the conclusion of the US SEC's investigation into Crypto.com. However, much of these gains were short-lived due to the overall market volatility.

According to data from crypto.news, Cronos (CRO) climbed from $0.097 to a peak of $0.114 on March 28 before settling down to around $0.1064 later in the day during Asian trading hours. Its market cap reached $2.94 billion, and daily trading volume increased by 71%, with approximately $138 million worth of CRO being traded.

CRO's price surge was driven by the community's optimism after Crypto.com announced that the United States Securities & Exchange Commission had formally closed its investigation.

CRO's upward trend was further bolstered by earlier reports that Trump Media, the parent company of Truth Social, is collaborating with Crypto.com to launch three exchange-traded products under the Truth.Fi brand.

These factors have contributed to CRO's continued uptrend. As of now, on-chain data indicates an increase in the number of large-holder wallets over the past 24 hours, suggesting accumulation among high-net-worth investors.

Additionally, its social sentiment has become positive, and its funding rate, which fell to -0.3006% on March 25, has since improved to around -0.003% today. This typically indicates a bullish trend as more traders are becoming optimistic.

CRO price analysis

On the 1-day/USDT chart, CRO has broken out of a descending channel that lasted for four months, often considered a bullish reversal signal.

After this breakout, the price formed a bull pennant, a pattern that commonly appears after a strong rally and indicates that the uptrend may continue following a brief consolidation.

A confirmed breakout from this pennant, particularly with strong volume, could suggest the next phase of growth for CRO.

Technical indicators support the bullish setup. The Aroon Up is at 78.57%, and the Aroon Down is at 28.57%, indicating that buyers currently have the upper hand. Meanwhile, the RSI is around 67, signaling that there is still room for upside before the asset becomes overbought.

Therefore, CRO could potentially continue to recover and test the psychological resistance at $0.12. If it breaks above this level, it could encourage bulls to target its yearly high of $0.165.

However, CRO's ability to maintain its momentum may depend on the overall market sentiment, as the broader crypto market is showing signs of uncertainty.

Recent events, such as President Donald Trump's announcement of higher-than-expected car tariffs, have negatively impacted market sentiment, leading to a decline in crypto prices.

For instance, Bitcoin (BTC) dropped 2.9% in the last 24 hours to retest $85,000, while the total cryptocurrency market capitalization decreased by nearly 5% to $2.87 trillion.

Disclosure: This article does not provide investment advice. The content and materials presented on this page are for educational purposes only.