Curve DAO Price Analysis: CRV is Looking for Rapid Rally above Key Support of $1.0bit2main
- Curve DAO Token (CRV) fluctuated just below a long-term bearish trend line.
- Amid a narrow range-bound trend, buyers barely manage CRV above $1.0-support.
- Last night was the most volatile of the past seven days as volume was recorded at $125.8 million.
Curve DAO Token (CRV) price tries to move higher but bears are not allowing an uptrend. CRV token has been trading in a narrow horizontal range for the past several days, holding support at $0.95 and holding below the level of $1.2. Due to the battle, the CRV token is trading at the $1.14 mark against USDT at the time of writing.
During the 2022 downtrend, sellers found a significant selling area near the descending trend line in terms of the daily price scale. But accumulation under a narrow horizontal range could trigger a bullish trend and the price could break this huge trend line (bottom of the chart).
If the bulls break this bullish barrier by the end of the week, the $1.5 to $1.6 area could influence the sellers to pull back. Moreover, the latest 52-week low is a major pumping zone for investors. Meanwhile, the market cap has risen by 10% over the past 24 hours to $602 million, according to the CMC.
50-DMA is Increasing Above the Current Price of CRV
The market leader – bitcoin trades below $20K, however, the CRV pair related to BTC crypto is in the green zone at 6.3% at 0.00005883 Satoshis. Of the last seven days, last night was the most volatile as the volume was recorded at $125.8 million.
On the daily chart, the Curve DAO token is looking at a range of support and resistance from the 20 to 50-day moving average. If the 20-DMA (White) crosses the 50-DMA (Blue) higher then a bullish scenario could end the entire sell-off. MACD seems flat in negative territory.
The Curve DAO Token (CRV) is in the no-trading zone until the price breaks the narrow horizontal range. If the 20-DMA (white) crosses the 50-DMA (blue) on the higher side as well as the price breaks the massive downsloping trendline further, a bullish trend is expected.
Support level – $1.0 and $0.5
Resistance level – $1.5 and $2.0
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.