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- Curve Dao Token price is trying to sustain at the upper trendline of the descending parallel channel over the daily chart.
- CRV crypto has recovered to 20 and 50 EMA and is still below 100 and 200-day Daily Moving averages.
- The pair of CRV/BTC is at 0.00005496 BTC with an intraday drop of 2.35%.
The price of the Curve DAO Token has been declining via a parallel downward channel across the daily price chart. The token originally made an attempt to capitalize on the rally’s strength and surged in the direction of the upper trendline, but it failed to do so and went back to the channel. The CRV currency needs help from buyers in order to exit the parallel dropping channel. The CRV coin is attempting to break out above the parallel channel’s upper trendline once more, and CRV bulls appear to be rather committed to doing so. This suggests that the CRV currency is currently getting ready for its channel breakout.
The current estimated price of the Curve DAO token is $1.18, and in the past 24 hours, it has lost 1.97% of its market capitalization. The intraday trading session saw a 12.90% decline in trade volume. This demonstrates that bears are attempting to ensnare the token in the grasp of short sellers. The volume to market cap ratio is 0.2192.
To advance above the upper trendline and signal the token’s breakout, the price of the CRV coin has to gain support from buyers. However, the volume change is below normal and must increase for the CRV to signify its breakout. Meanwhile, CRV bulls must accumulate themselves to prove the token a breakthrough over the daily price chart. Nevertheless, CRV crypto has recovered to 20 and 50 EMA and is still below 100 and 200-days Daily Moving Average.
Will CRV Crypto Make it or Break it From the Current Level?
Bulls must accumulate for the CRV coin to start its recovery phase. Currently, the token is preparing to exit the parallel channel. It will take some time to determine if CRV crypto is able to attract bullish support by anticipating a significant uptick in buying over the daily chart. The strength of the rally for the CRV coin is indicated by technical indicators.
The relative Strength Index showcases the uptrend momentum of the CRV coin. RSI is at 47 and is about to signal any directional change over the daily chart. MACD exhibits the uptrend momentum of the CRV coin. The MACD line is below the signal line and is heading toward the signal line for a positive crossover.
Conclusion
The price of the Curve DAO Token has been declining via a parallel downward channel across the daily price chart. The token originally made an attempt to capitalize on the rally’s strength and surged in the direction of the upper trendline, but it failed to do so and went back to the channel. The CRV currency needs help from buyers in order to exit the parallel dropping channel. Meanwhile, CRV bulls must accumulate themselves to prove the token a breakthrough over the daily price chart. The strength of the rally for the CRV coin is indicated by technical indicators. The MACD line is below the signal line and is heading toward the signal line for a positive crossover.
Technical Levels
Support Levels: $0.98 and $0.85
Resistance Levels: $1.30 and $1.50
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
