Will Curve DAO Token Be Able to Have a Bullish Run By Forming Parabolic Curve on Chart?

  • Curve DAO Token has faced significant price corrections activity from the past couple of months resulting in the price levels to reach the critical support area of $0.75
  • The CRV/BTC pair also facing a significant loss of -19.62%, bringing the current level down to 0.00004227 BTC 
Source: Tradingview

The Curve DAO Token’s (CRV) monthly chart highlights the significant downtrend faced by price levels, probably because of the overall downfall in DeFi tokens. The negative momentum has led the price levels to arrive at the critical support point of $0.75 after making a high of $4.00. However, there has been a revival in the positive sentiment for the crypto asset as we have noticed buying candles at the tip of the price levels, which is expected to make a return in the market in the form of a parabolic curve. Firstly, the resistance level of $0.90 needs to be broken by the price levels and $1.50 and $2.00, respectively. 

Source: Tradingview

On the moving averages, EMA-50 is still moving above EMA-20 due to the sudden price correction activity faced on Wednesday’s market session resulting in an overall loss of -13.00%. However, EMA-20 has not retraced back with that much significance and still moving positive prevailing its potential to have a positive crossover against EMA-50.

Source: Tradingview
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The parabolic curve’s potential formation is indicated and derived from the price movement forming three bullish candles on the chart at the lower side of the price levels. If the token can bounce back, we can expect a significant recovery action to the significant resistance level of $2.00. The overall market conditions also favor CRV as the altcoins are finally taking bullish steps in the current market conditions, and DeFi tokens are also on a positive move from the past couple of days. 

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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