Cronos price Surges Following Strategic Reserves Vote and Token Burn Proposal
Cronos (CRO) experienced a significant price increase on March 17. The rise came after a triumphant vote to establish the Cronos Strategic Reserves and a new proposal to burn 50 million coins.
The Strategic Reserves vote passed with a large majority. This decision will introduce 70 billion new CRO tokens over the next decade. the tokens will unlock monthly, perhaps causing dilution. However, developers believe this will strengthen the ecosystem and attract over a billion users.
One of the main initiatives is to create exchange-traded funds backed by CRO. Despite the potential supply increase, the token burn proposal aims to counteract this. This will be the fourth burn in recent months, with the tokens valued at around $4 million.
The price analysis shows CRO moving sideways recently. It’s below the 50-day and 100-day Exponential Moving Averages. A symmetrical triangle pattern is forming, suggesting a significant move could be imminent.
The Relative Strength Index and MACD show a bullish divergence. Cronos has also formed a triple-bottom pattern at $0.0710. If it holds above this support, the next target is the 100-day moving average at $0.1080.
A drop below the triple-bottom pattern would invalidate the bullish outlook. For more details, check the CRO price chart.
