CRO price rises 20%! Trump's media supports blue-chip ETF inclusion igniting the crypto market

Introduction: The struggling Cronos (CRO) Token staged a strong rebound on Tuesday, with a single-day rise of over 20%. The direct catalyst for this unusual movement in the Crypto Assets market was the application submitted by Trump Media & Technology Group (TMTG) to the U.S. Securities and Exchange Commission (SEC) for the launch of a Crypto Blue Chip ETF named "Truth Social Blue Chip ETF," which notably includes CRO and has a higher allocation weight than Ripple (XRP). This significant Crypto news event quickly ignited bullish sentiment in the market.

Gate market shows that CRO is currently priced at $0.09601, with a 24-hour rise of 18.98%.

Core Benefit: Inclusion in Trump Media Blue Chip ETF Proposal

• Event Driven: Trump Media & Technology Group (TMTG) officially submitted documents to the SEC, applying to launch a cryptocurrency blue-chip ETF investment product named "Truth Social Blue Chip ETF."
• Ingredient Highlights: This crypto blue chip ETF plans to include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cronos (CRO).
• Weight Surprise: In the proposed asset allocation, CRO has received a 5% weight allocation, significantly higher than XRP's 2%. This weight ratio highlights CRO's position in the design of the ETF.
• Potential Progress: If the crypto ETF proposal is approved by the SEC, it will be listed on the NYSE Arca, and its assets will be custodied by Crypto[.]com's custodial department Foris DAX Trust Company. The potential approval of the crypto ETF is a significant focus for the current market.

Market Reaction: Strong Technical Breakthrough

• Price Surge: Driven by this major encryption news, the price of CRO violently surged after the market opened on Tuesday (July 8). The opening price was $0.081, with an intraday high of $0.10, and the daily increase exceeded 20%.
• Key Breakthrough: This strong rise has successfully pushed the CRO price to break through the key downtrend line resistance and effectively escaped the previous consolidation range.
• Moving Average Breakthrough: The price has consecutively broken above multiple important moving averages and briefly tested the previous swing high resistance level.
• Challenge Strong Resistance: The intraday high also touched the key 200-day Simple Moving Average (200-day SMA), which currently constitutes dynamic resistance.

Current Trend and Key Support

• Slight Pullback: As of the time of writing, the CRO price has experienced a significant rise and has slightly retreated, currently trading around $0.092.
• Support Test: The current price is slightly above the key support level in the $0.089–$0.090 range. It is worth noting that this area acted as resistance from the end of April to early May.
• Confirmation after breakout: After this significant rise, it has fallen back to this area and is currently undergoing support level retest after breakout.
• Market Outlook: If it can hold the support area of $0.089-$0.090, it will be considered a technical bullish signal, confirming a successful pullback, and laying the foundation for the price to attack $0.101 (200-day SMA resistance) and the $0.105 resistance area again.

Potential Additional Catalyst: Canary Staking CRO ETF

• In addition to the positive news from the Truth Social blue-chip ETF proposal, the CRO price may soon welcome another major potential driving force.
• The application for the Canary Staked CRO ETF was submitted to the SEC on May 30 and is currently under review. If this crypto ETF focused on CRO staking yields is also approved, it will provide further upward momentum for CRO.

Market Sentiment: A Long-Awaited Rain

• These potential bullish catalysts are like a timely rain for CRO holders.
• Earlier in March, the Cronos community voted to reissue 7 billion previously destroyed CRO tokens. This controversial decision sparked strong dissatisfaction within the crypto community, exacerbating concerns about the project's centralization issues and significantly impacting the price of CRO. The positive news regarding the ETF has provided the market with a much-needed breather.