- Curve DAO about to launch its stablecoin.
- Curve White Paper was released last month.
- CRV prices show no improvement or chances of rise.
The price of Curve DAOs indigenous token CRV is on a constant downfall. In the past month, DAO released its white paper which spiked the prices, but the noteworthy point that caught everyone’s eye was the launch of its stablecoin– crUSD. The coin had potential to make everyone talk, but was not strong enough to make them stay. The CRV market remained deserted and continued the downtrail. The price rise was short lived and soon started retracing, resulting in a downtrend.
The price is seen moving in a falling parallel channel. The initial analysis suggests a fall in price in the near term. All significant EMAs float above the present price action. The trading volume is nearly non-existing and shows neither buyers nor sellers.
The CMF indicator suggests the price struggles to break the long ongoing downtrend as it tries to breach the baseline. The MACD lines split in red and slope down, showing depleting interest by the market participants. The RSI continues to bounce in the rear ranges and image seller dominance in the minute involvement recorded.
The closer window
The 4-hour view reflects the price to continue being doomed. The CMF oscillates about the zero mark but holds a spot below it. The MACD lines coincide with each other and show the market is in a dilemma and is incapable of choosing its ruler. The RSI shows selling pressure on the rise and possibilities of future overselling.
The efforts put in by Curve DAO are all seen to be going in vain, and the price to revolt against upbeat movement and continue to move in the antagonistic frame. This pattern could be short-lived but is competent for causing heavy wounds.
Support levels: $0.36 and $0.20
Resistance levels: $1.20 and $1.45
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.