Cronos (CRO) Price Eyes Recovery After Breaking Key Resistance—Is a Rally Ahead?

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The price of Cronos (CRO) has bounced off long-term support after a steep decline from its November 2024 peak. The token broke a 90-day resistance trend, signaling potential upside. However, concerns over the Cronos Strategic Reserve proposal, which aims to reverse the burn of 70 billion tokens, keep investors on edge.

Cronos Price Bounces From Support Awaiting Key Summit

Cronos price dropped sharply after failing to overcome resistance at $0.152, the 38.2% Fibonacci retracement level. The token has since bounced off support at $0.078, the 50% Fib level, and broke above resistance at the 90-day moving average.

This breakout could pave the way for a continuation of the rebound rally. However, technical indicators remain mixed. While the weekly chart shows bearish momentum with the 50-week EMA yet to be breached, the daily chart indicates a completed downward wave (iii), often followed by a wave (iv) that brings a relief rally.

If the upward move continues, Cronos price could target the $0.133-$0.152 Fibonacci resistance zone. A drop below $0.078 could invalidate this outlook, sending the Cronos price toward the $0.050 support.

Moreover, the White House Crypto Summit on March 7 could shift market sentiment around CRO. Investors should also watch for resistance at the 61.8% Fib level around $0.2. A break above this level could open the door for a rally to the 2024 highs.

Cronos price movements will be closely monitored as the token aims to regain lost ground and navigate the upcoming crypto summit.

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Move Price Surges 29% After Major Investment

The price of MOVE surged sharply, increasing by 29% after a major investment from World Liberty Financial, a crypto project linked to former U.S. President Donald Trump.

The surge follows speculation that MOVE could be considered for inclusion in the U.S. strategic crypto reserve, which is said to be a key focus for the upcoming White House Crypto Summit on March 7.

After hitting a low of $0.39 on March 4, the MOVE price quickly rose to an intraday high of $0.505, with trading volume nearly tripling to $258 million.

Bankless reported that signals from the Trump administration are hinting at the possibility of including crypto assets, such as MOVE, in the U.S. strategic crypto reserve. The report also mentions that the Biden administration is planning to announce the creation of a U.S. stablecoin.

The report adds that the Trump administration is aiming to prioritize crypto assets that align with their vision for "MAGA economic policies."

The surge in the MOVE price comes amid increased futures activity and a 146% rise in daily active addresses, suggesting growing demand for the token.

Technical indicators also suggest a potential trend reversal. MOVE broke above a key descending trendline, and its MACD signal turned bullish.

If momentum continues, the MOVE price could target resistance at $0.55, with a breakout potentially pushing it toward $0.68. However, a drop below $0.31 could negate this technical outlook.

Investors will be closely following the upcoming crypto summit and any announcements regarding the strategic crypto reserve.