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## Cronos Token Ascends as the Public Concurs to incinerate $50 Million in Tokens
The value of Cronos (CRO), formerly known as Crypto.com Coin, saw a considerable leap on March 17, hitting a peak of $0.090. This rise, indicating a 26% gain from its monthly nadir, came after an overwhelming vote approving a strategic reserve and a scheme to incinerate 50 million tokens.
This strategic reserve encompasses the formation of 70 billion new CRO tokens, effectively undoing a prior burn event in 2021. While these tokens will be released monthly over the coming decade, potentially resulting in weakening, developers contend that these reserves will power ecosystem expansion and draw in over a billion users. A main initiative includes the formation of an Exchange Traded Fund (ETF) supported by CRO tokens.
However, the formation of 70 billion new tokens presents a hurdle for CRO holders, as the augmented supply could exert downward force on the value.
To combat this, developers suggested incinerating 50 million CRO tokens from the community pool, resulting in the recent value escalation. This signifies the fourth token incineration in recent months, with the current worth of the tokens approximated at $4 million. The vote is anticipated to pass without difficulty, concluding on March 17.
## Cronos Value Assessment
Examining the daily chart, CRO’s value has been solidifying in recent days, remaining beneath the 50-day and 100-day Exponential Moving Averages (EMAs).
A symmetrical triangle configuration has materialized, with converging trendlines denoting a potential breakout.
Furthermore, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) reveal bullish divergence, a signal that the value may overturn its decline.
Finally, Cronos has established a triple bottom configuration at $0.0710, implying a robust support tier. Novo Nordisk shares are increasing!
From the start of 2024, the value couldn’t go under this cost point multiple times.
Assuming this backing remains, the following objective is the 100-day shifting normal at $0.1080, around 30% over the ongoing level. Consequently, if the digital currency can keep the $0.0710 backing, a quick skip is plausible. Be that as it may, an escape beneath this triple base at $0.0710 would nullify the positive viewpoint.
