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- Curve finance recently appeared to have suffered a major short seller attack by the Mango Finance hacker
- Curve Dao Token price has taken a U turn and has rose 30% in the past 24 hours.
Curve finance has recently appeared to be suffered from a short seller attack.It has sent the price falling from $0.63 to $0.45 in the past week. The hacker borrowed approximately 30 Million CRV from AAVE and has sent to Okex for short selling. In response to the short selling CRV founder has deposited 20 Million of CRV in collateral. Meanwhile, various blockchain firms are saying that CRV might not be the victim but AAVE can be.
Curve token saw a rise in the past 24 hours as the news of Curve DAO stable coin hit the market. The volume of the CRV has seen a rise of more than 1700% in the past 24 hours.Volume to market cap ratio of the CRV suggests a continuation of a strong rally to a new high.
Bulls Of CRV Token Are Aiming For $1
Curve Dao token has seen a decline in the past week due to the excessive short selling. On coming to the daily chart the asset price has rallied to $0.666 with a gain of 30% in the intraday session. It is currently trading below the 50 and 100 Daily Moving Average. The asset price may soon cross it if it continues the same momentum. Resistance for the CRV token can be seen near $1. Meanwhile the support for the coin price can be observed near $0.45.
RSI of the asset price is currently near 48 with a strong positive slope. It suggests a strong upside momentum in price.
Conclusion
Curve finance has recently seen a short selling on the AAVE platform. The hacker had to pay 600% on its $50M loan which can force it to liquidation. The asset price has seen a strong gains and can continue this momentum.
Technical Levels
Major Support:$0.4
Major Resistance: $1
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
