Bitcoin News Today: Trump's Big Bet on Cronos: Will $0.29 Hold or Break?

Cronos (CRO) experienced significant volatility in recent weeks, driven by a landmark $6.42 billion investment from Trump Media & Technology Group. The deal, which includes $1 billion in CRO tokens and $5 billion in equity through a line of credit, triggered a sharp price surge, with CRO reaching a three-year high of $0.389 in late August. Following a rapid 154% rally in three sessions, the token has since retraced, trading near $0.29 as of late August. Analysts and traders are closely watching whether key support levels will hold, as a breakdown could signal a deeper correction. Meanwhile, Bitcoin-based layer-2 project Bitcoin Hyper is gaining attention as a potential alternative investment, with its native token HYPER trading at $0.012825 during an ongoing presale that has raised over $12.6 million [1].

The Trump Media & Technology Group’s acquisition of 6.31 billion CRO tokens represents nearly 19% of the total supply, making it the largest single holder of the asset. This move has been interpreted as a strategic step to integrate the Cronos blockchain into Truth Social, Trump’s social media platform, with CRO serving as the platform’s native token. Analysts suggest that the move could enhance CRO’s utility and demand, particularly among Truth Social’s user base. However, with CRO’s price falling by 14.37% in the last 24 hours, some market observers are cautioning that the rally may be overextended. A Crypto Pulse analyst has highlighted $0.29 as a critical support level, noting that a break below this threshold could lead to further downward movement toward $0.25–$0.27 [1].

Technical analysis of CRO’s price action shows a significant correction from its recent high, with the token now testing a support range between $0.172 and $0.267. Traders are watching closely for signs that bulls can defend this range, as a breakdown below $0.244 could signal a deeper decline toward $0.1723. Conversely, a rebound from the $0.29–$0.34 zone could rekindle bullish momentum. Fibonacci retracement levels also highlight key resistance at $0.3126 (23.6%) and $0.2728 (38.2%), with the $0.3999 and $0.5425 levels serving as potential long-term targets if the price breaks above $0.3126 [1]. The recent pullback appears to be a natural correction following a sharp rally, but with volume declining by 33%, it remains to be seen whether buyers will step in to stabilize the price.

Bitcoin Hyper, a Bitcoin-based layer-2 project, is emerging as an alternative investment for some market participants. The platform aims to address Bitcoin’s scalability issues by integrating a Solana Virtual Machine, enabling faster transactions and smart contract capabilities. HYPER, the platform’s native token, is currently available at $0.012825 during a presale that has already raised over $12.6 million. Stakers are earning an 88% annual yield, and early investors can mint new tokens by depositing BTC. As Bitcoin Hyper gains traction, some investors are shifting capital away from CRO toward projects like this, which offer higher yields and innovative DeFi solutions [1].

The broader crypto market remains volatile, with CRO’s performance reflecting both optimism and caution. While the Trump-backed partnership has injected momentum into the asset, the market appears to be consolidating after a sharp rally. Analysts suggest that the near-term outlook hinges on whether key support levels hold and whether institutional demand continues to grow. In the longer term, CRO’s integration into Truth Social and potential for increased utility could support a more sustained recovery. For now, investors are advised to monitor price action and volume trends closely as the market navigates this critical juncture [1].

Source: [1] CRO Price Prediction: Cronos Drops Below $0.30 As Bitcoin Hyper Emerges As Best ICO Token (https://icobench.com/news/cro-price-prediction-cronos-drops-below-0-30-as-bitcoin-hyper-emerges-as-best-ico-token/)