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Curve DAO Price Analysis: Despite price rise in intraday session, CRV sees sideways on weekly time frame

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  • The Curve DAO token attempted a bounce-back over the weekend but on higher time frames, the price action is still inside bears.
  • The market cap of the CRV token is showing a bullish 11% gain over the past 24 hours above $400M.
  • Last night’s trading volume increased by 57% and reflected above-average buying over the past 7-days.

The Curve DAO token has been facing a sell-off for the past several weeks. Meanwhile, the bears are turning each increase into a selling opportunity.

The sell-off has caused Curve DAO investors to lose nearly 90% of the cost from 2022 high to a recent low of $0.535 mark. The bulls have placed their buy orders near the recent lows.

After a scary sell-off, the weekly price action shows a bullish trend on the weekly time frame from last week. However, CRV speculators may see a Doji candle this week while the token is trading at the $0.749 mark at the time of writing.

The CRV price against the USDT pair will break a descending trend line (white) in terms of the daily price chart. The conceptual round level of $1.0 could act as the first stop for buyers if the bulls successfully break out and manage the daily price above this area.

Buyers turned aggressive last night, resulting in the CRV token’s market cap showing an 11% rally above $400 million over the past 24 hours. Furthermore, the Curve DAO token with the bitcoin pair is trading up 12% at 0.00003892 satoshis.

Last night’s trading volume increased by 57% and this was reflected in higher than average buying over the past 7-days.

Buyers aim round level of $1.0

The simple RSI indicator continued to receive rejection near the 40-point level before hitting a semi-line in the context of the daily price chart. Moreover, the Stoch RSI indicator is again moving towards the oversold zone.

Conclusion

The RSI indicator curve shows a sideways trend for the Curve DAO token and price impact can be seen as the CRV weekly price candle is going to close with the Doji candlestick.

Resistance level- $1.0 and $1.5

Support level- $0.65 and $0.5

Disclaimer 

 The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

ALSO READ: How is the Government of Colombia planning to utilize Ripple’s XRPL Blockchain?

Nancy J. Allen

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