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- CRV crypto price shows some bullish signs from its demand zone at $0.500 and formed a bullish hammer candle.
- CRV price breakout the consolidation range and might approach 50 day EMA in coming days.
Curve DAO crypto price is trading with mild bullish cues and showing signs of upside reversal but it will be difficult for buyers to break out of the $0.700 resistance in coming days.Currently, CRV/USDT is trading at $0.561 with the intraday gains of 5.85% and 24 hour volume to market cap ratio stood at 0.1676
Will CRV bulls be able to trade above the $1.00 mark ?
On a daily time frame, CRV prices are in downtrend and bears seem to be still active in higher zones. After the massive selloff triggered from $1.000 level prices kept on slipping down while forming lower lows candles and hit a fresh low at $0.401. Later, in mid of November bulls once attempted to reclaim 50 day EMA but got rejected from the $0.700 level showing bear’s dominance on higher levels. As of now, prices are consolidating near the demand zone at $0.500 and showing minor signs of upside reversal.
The 200 day EMA (green) which is far away from the current prices indicates a trend to remain weak on positional basis and the 50 day EMA (yellow) at $0.609 will act as an immediate hurdle for bulls followed by next hurdle at $0.702 and $1.000 level. On the lower side $0.400 will act as a strong support level for bullish investors. The MACD has generated positive crossover indicating bullish momentum may continue in coming days and the RSI at 49 (neutral zone) denotes a balance between bullish and bearish positions.
Will the upside momentum look sustainable ?
On a lower time frame, bear’s seem to be losing grip near the demand zone and prices are trying to breakout from its consolidation zone. Recently, a supertrend indicator had generated a buy signal indicating a short term trend may work in the favor of bulls and if buyers succeed to push the price above $0.702 we may see more upside movement towards $1.000 level. However, if prices slipped below $0.450 the short term trend may again reverse in the favor of bears.
Summary
Curve DAO prices are reversing upside by taking support near to its important demand zone shows buyers are confident and expecting the price to continue the upside momentum. As per technical analysis, prices are mildly bullish and are in the initial stage of upside reversal but the confirmation will come when bulls will be able to hold the prices above $0.700 level.
Technical levels
Resistance levels : $0.702 and $1.000
Support levels : $0.400 and $0.300
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
