The post Can Trump Media Partnership Drive a Mega Rally In CRO Price Like Ethereum? appeared first on Coinpedia Fintech News
Recently, breaking news has shaken the entire market, and even the CRO price has seen a significant surge following the announcement of a $6.4 billion partnership between Trump Media and Crypto.com.
The integration is taken as a strategic partnership, and that changed its technical indicators on the green side, and bullish chart patterns have positioned Cronos crypto as a major contender for further price growth by year-end.
Partnership with Trump Media Sparks Bullish Momentum
As per the news the recent partnership is known as the Trump Media Group CRO Strategy, this has brought the CRO price into the spotlight.
As this deal involves a huge pile of money, this has increased CRO trading volume and network activity, driving the token’s price upwards.
Following the announcement, the surge in CRO price today has gained attention from both retail and institutional investors, alike.
With this major partnership, the CRO price chart strongly reflects a renewed bullish sentiment as traders look to capitalize on the expected benefits of the collaboration.
Technical Indicators Point to Continued Bullishness
From a technical analysis standpoint, CRO price USD has been retreating from key resistance levels after spiking large this week, despite the retreat the analysts are still eyeing $0.50 by the end of the year.
This optimism is further supported by the formation of a Golden Cross pattern, where the 20-week EMA crosses above the 50-week EMA, on the weekly chart that shows a classic bullish signal that has a history of displaying gigantic price moves.
In addition to this, a bullish pattern, an ascending broadening wedge has also formed on the weekly CRO price chart, indicating increasing momentum in favor of bulls.
This pattern suggests that the CRO price could push past key resistance zones, by paving the way in higher high structure. If this happens then potential targets are present near $0.50 to $0.60 in the upcoming weeks.
With CRO crypto continuing to form higher highs, weekly bullish signals, combined with strategic partnership are all great signs for the token’s breakout that could lead to higher valuations.
That said, the growing market sentiment around CRO has only strengthened the outlook for a continued bullish trend.
Parabolic Rally and Ethereum Comparisons
A separate analysis suggests a more ambitious outlook, as it focuses on the CRO price forecast based on historic moves of ETH and his forecast suggests a move could be much more explosive.
On deeply assessing the analyst chart, it points to a potential mega parabolic rally similar to Ethereum’s past performance observed after 2020. This comparison, based on CRO price’s current behavior, showed a spike with profit booking by weak hands.
The analyst further suggests that CRO may experience significant upward momentum, similar to ETH that would possibly push CRO price around $1.50. While this prediction may seem ambitious, it underscores the potential for CRO price to mirror the price action seen with other top altcoins in their early stages of growth.
This type of CRO price prediction aligns with the growing momentum and the bullish technical signals from the CRO chart, suggesting the possibility of a parabolic rise.