The native token of Crypto.com, Cronos ($CRO) is back on track after announcing the withdrawal of the investigation by the Securities & Exchange Commission (SEC) on the company. Notably, this marks another success for the crypto community and the industry as the new SEC administration drops the second crypto-related case this month.
Reportedly, the government body had issued a “Wells notice” against Crypto.com back in August 2024. However, the exchange responded by suing back the agency for regulatory overreach in the same year. But adding to the story, Crypto.com voluntarily withdrew its case in December 2024 after having a closed-door meeting with the 2nd time elected President Donald Trump.
Are you one of many who are wondering about the future prospects of this altcoin? In this article, we bring you the latest news and possible short-term Cronos price prediction just for you!
Crypto.com Makes Key Partnership!
As per the latest news, President Donald Trump’s media company (Trump Media & Technology Group) disclosed a partnership with the crypto firm this week. Reportedly, the organization signed a non-binding agreement to partner with the cryptocurrency exchange to launch its exchange-traded funds (ETFs).
Following this, the CRO token experienced a double-digit surge within a short period. However, marketers claim this move to be a bad decision as it could compromise the fundamental values of the Web3 and blockchain space.
On the other hand, the on-chain investigator “ZachXBT” has now accused Crypto.com of a potential token manipulation. The statement highlights that the cryptocurrency exchange is considering bringing back the 70 billion “CRO” tokens that it has voluntarily taken out from circulation back in 2021.
Cronos Price Soars Over 36% This Week!
After recording a sideways price action for a brief period, the CRO crypto coin has gained significant momentum over the past 72 ours. This has resulted in it breaking out of multiple resistance levels for the first time in months. With a market cap of $2.76 billion, the Crypto.com project has a market dominance of 0.1029%.
The Simple Moving Average (SMA) constantly supports the Cronos price chart in the 4H time frame. This indicates an increase in the buying-over-selling pressure for the altcoin this week in the cryptocurrency market.
On the other hand, the Moving Average Convergence Divergence (MACD) shows a steady red histogram in a similar time frame. Moreover, with its 14 and 26-day EMA displays a descending trend pattern. This highlights a rising uncertainty for the altcoin in the market.
How High Will CRO Price Go?
Suppose, the bullish sentiment sustains, in that case, the Cronos coin price could retest its crucial resistance level of $0.11525 this week. Moreover, if the bullish power increases, the CRO token could push its value toward its upper price target of $0.13425.
On the contrary, if a trend reversal occurs, the Cronos token could drop toward its immediate support level of $0.10. Further, if the bears outrun the bulls, the price of Cronos tokens could plunge toward its lower support level of $0.085 during the coming time.
Also Read: Peter Brandt Believes Bitcoin Could Drop Below $70K
