What’s Next for $CRV Price After 34% Surge In a Fortnight?

What’s Next for $CRV Price After 34% Surge In a Fortnight?

The resign Curve Dao (CRV) price is likely to channel the resistance trendline of a bullish reversal pattern.

Published 6 seconds ago

Amid the mid-September recovery wave in the crypto market, the Curve Dao coin price demonstrated a bullish bounce precisely from its 22nd November 2022 low of $0.4. Amid this reversal. The coin surged by approximately 34% within just a two-week timeframe, bringing its current trading price to $0.51. However, is this surge in momentum substantial enough to kickstart a new bullish trend for the CRV token? 

Also Read: Bitcoin Ordinals Creator Launches Bitcoin Token Protocol Called RUNE

Is Current Recovery Sustainable?

  • The crypto buyers may face high supply pressure at $0.6.
  • A bullish breakout from the channel pattern could bolster a fresh recovery trend.
  • The intraday trading volume in CRVer is $34.2 Million, indicating a 4.5% gain.

TradingView ChartSource- Tradingview

In the daily chart, the Curve Dao coin price displays a V-shaped recovery pattern originating from $0.4 support. Backed by increasing trading volume, this pattern signals aggressive buying and has the potential for rapid gains in the short term. 

However, the coin seems to be facing a resistance zone around the $0.55 level, possibly due to short-term traders booking profits. Should supply pressure increase, this altcoin could experience a minor pullback to levels like $0.5 or even $0.45 to regain its bullish stamina. 

If the present recovery trend persists, the CRV price could aim for another 10% upswing to challenge the upper boundary of a long-standing channel pattern. Looking at the bigger picture, the CRV token has been subjected to a protracted correction phase, contained within a falling channel pattern that dates back to February 2023. 

This pattern has been the governing force behind this coin’s price action for nearly seven months. As a result, any anticipated bullish movement is likely to meet renewed resistance at the channel’s upper boundary. Should the sellers successfully defend this line, it could trigger a new bearish cycle within the channel, prolonging the downtrend further.

Will CRV Rally Continue to $1?

For investors bullish on CRV, a wait-and-see approach is advisable until a definitive breakout above the channel’s upper resistance is confirmed. In a post-breakout scenario, each bullish swing retesting the upper trendline could serve as a milestone for potential targets. Successfully completing this pattern could catapult the CRV price toward the next resistance level of $0.087, followed by loftier targets at $1.1 or even $1.3.

  • Exponential Moving Average: The reclaimed 20-and-50-day EMA could offer additional support to buyers
  • Average Directional Index: The ADX slope nearing 40% usually reflects exhausted momentum in the current dominant force and therefore, a minor pullback is plausible.

Share this article on:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!