Chronos proposes launching a strategic reserve, Chronier is 40%

After Cro Crypto began a proposal aimed at establishing the Cronos Strategic Reserve, Cro Crypto has stepped out of the three-month downward trend.

According to the X Post on March 3, Cronos, a layer 1 blockchain associated with Crypto Exchange Crypto.com, is considering a proposal to establish a Cronos Strategic Reserve wallet, created by reissuing 70 billion cro tokens burned in 2021.

The burning event was welcomed as one of the biggest history in the history of the crypto industry, reducing supply from 100 billion to 30 billion Cro tokens to support decentralized efforts ahead of the launch of Chronos mainnet.

The project will fund the roadmap through Chronos Reserve, which is covered by the new five-year vesting period. This includes plans to pursue a spot ETF launch by the end of 2025.

Voting for the proposal ends on March 17th, but it has already won more than 99.76% of votes in favor of the move to recover total token supply to CROs 1100 billion.

CRO (CRO) today recorded an intraday high of $0.101, a surge from a weekly low of 46%, but its market capitalization reached $2.5 billion as of press time. Additionally, daily trading volumes skyrocketed from 773% over that period, exceeding $164 million.

Another important reason for the hype around tokens was Chronos' announcement that the Chronos Strategic Reserve would support “American ambitions to become the capital of the world.”

The statement may have attracted traders' attention, especially as the overall crypto market had already spiked. This is supported by US President Donald Trump's recent announcement of strategic cryptocurrency reserves for the nation.

However, the proposal has also sparked criticism from several community members of X, and believes that an increase in supply could lead to price dilution.

CRO Price Analysis

Technical indicators suggest a bearish view of CROs in the short term.

On the one-day CRO/USDT price chart, the CRO is divided over a downtrend line that has been formed since December 17th, after forming a head and shoulder pattern, and has been formed and led to bearish momentum.

Nevertheless, the 200-day moving average is above the 50-day MA, with price action recently showing weakness and bearish pressure still showing strong, with buyers showing little interest.

Meanwhile, the supertrend indicator is red, with the relative strength index located at neutral 42, with the CRO in a strict position. These indicators suggest that they are not strong enough to reverse the bearish trend that is gaining momentum.

At the time of pressing, the CRO was exchanging hands for $0.084 per coin, but their social sentiment was positive per santiment data.

However, if the current hype fades, price action could return to a bearish trend in the coming days.