Cronos (CRO) Price Jumps 30% as Trump Media and Technology Group (TMTG) Announces Partnership

Cronos (CRO), the native token of Crypto.com, has seen its price jump over 30% in the past 24 hours, reaching $0.10 according to CoinGecko data.

The price of Cronos (CRO), the native token of Crypto.com, has surged more than 30% in the past 24 hours, reaching $0.10 at the time of writing, according to CoinGecko data.

This surge follows an announcement that Trump Media and Technology Group (TMTG) has signed a non-binding agreement with Crypto.com to partner in developing exchange-traded funds (ETFs).

The partnership will focus on creating “inventive funds” that will focus on “rapid growth, technological innovation, and strengthening the U.S. economy,” according to TMTG CEO Devin Nunes. These ETFs will provide exposure to Bitcoin, Cronos, and other industries including energy.

Crypto.com will handle the administrative, technical and operational aspects of launching and managing the ETFs in multiple markets around the world. The products will launch under the “Truth.Fi” brand.

The ETFs will be marketed and distributed by TMTG’s vast media network, which includes the flagship platform Truth Social, and its three other divisions: Trump Network, which offers subscription services, email newsletter and voice messages from President Trump; Trump Integral, which focuses on NFTs, Web3, and gaming; and Trump Fan, a merchandise and collectibles division.

The partnership will see TMTG and Crypto.com collaborate to develop innovative investing products and services for a global audience.

The partnership aims to place President Trump’s media company in business with Singapore-based Crypto.com. This comes just five months after the crypto firm faced U.S. Securities and Exchange Commission (SEC) scrutiny over allegations that it is operating an unregistered securities exchange.

The SEC filed notice in October last year that it intended to sue Crypto.com. However, Crypto.com maintains that it is fully compliant with applicable securities laws and is actively engaged with the SEC to resolve this matter.

Earlier this year, the SEC dropped its lawsuit against Crypto.com around the same time as Crypto.com CEO met with then-President-elect Trump to discuss a partnership in developing exchange-traded funds (ETFs).

These filings also come after Trump disclosed in December that he had sold off a large chunk of his stake in TMTG.

The stellar showing of CRO also comes ahead of a planned Cronos zkEVM mainnet upgrade, which is expected on March 26 and will involve 1-2 hours of downtime for the network.

This upgrade will introduce smart account single sign-on (SSO), making it easier for users to log in with Google, Apple ID, and Mobile authentication. It will also lay the foundation for a zero-knowledge gateway.

Cronos zkEVM is still in the early stages of development, and it remains to be seen how successful it will be in attracting developers and users.

The Cronos TVL has started to stabilize after a sharp decline earlier this year. The total value locked (TVL) on Cronos has recovered to $424 million from this month’s low of $330 million.

The biggest players in the Cronos ecosystem are VVS Finance, Tectonic, Orby Network, and Veno Finance. However, Cronos zkEVM has not yet gained much traction among developers and users, with its TVL dropping to $13 million.

In terms of technical analysis, CRO has formed some strong support levels throughout this recent bear market. It bottomed at $0.0715, a level it has struggled to drop below several times since August last year.

This pattern suggests it has formed a quadruple-bottom with a neckline at $0.2332, which was its highest point on December 4.

The price has also moved above the 50-day moving average, while the Relative Strength Index (RSI) has trended upward. Some analysts believe that the CRO price will continue rising toward a resistance point at $0.133. This target represents about a 30% increase from current levels.