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- New update on the ecosystem
- Bitcoin leaps above $21,000.
- Prices increased by more than 40% in the [ast week.
The market is waking up from the debacle and recovering heavily. Bitcoin jumps above $21,000 valuation. Curve DAO Token (CRV) is no different as the market rises along with BTC. The token rose by more than 40% in the past week and has marked a bull run.
The rise in the CRV token is attributed to the recent update on the network. Curve DAO added Chinese as a language to its network. Since China holds about one-fourth of the crypto assets, the news impressed a massive chunk and rallied prices. China is also among the big economies that can influence the industry, and the network needs to keep them hooked.
The picturesque
The CRV prices cracked out of the parallel channel formed after the fiasco. Recent price action surges to higher prices, with the current price valued at $0.92. The volume records buyers being attracted to the price rocket. When paired with rising OBV, it suggests the market is under positive buying pressure. The price rocket has claimed all the significant EMAs along the launch. Respecting the previous rally, the existing rise is predicted to hold near $1.20.
The CMF rises from the baseline to mark the upsurge in the token prices. The MACD records ascending buyer histograms as the lines diverge for the bulls. The RSI escalates to the overbought zone to reflect buyers’ dominance in the market.
The closer window
The smaller time frame shows token prices to rally at a declining rate. The CMF moves horizontally in the positive zone, showing a continuing rally. The MACD records buyers interacting with a few sellers who wish to benefit from the price rise. The RSI oscillates about the 70-range to mirror buyer interest.
Conclusion
The CRV, taking advantage of the recovering market, rallies taking support of smaller initiatives. In order to extend the surge, it may need a stronger magnet that can attract buyers. The holder of the token may watch out for the bullish outburst near $1.20.
Technical levels
Support levels: $0.48 and $0.34
Resistance levels: $1.03 and $1.28
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
