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- CRV token price is bullish and the same is depicted on the daily time frame chart.
- The CRV token price is forming a rounding bottom pattern in a daily time frame.
- The pair of CRV/BTC is trading at the price level of 0.00004582 this brief fall of -2.13% in the last 24-hours
The CRV token price, as per the price action, is super bullish. The CRV token price recently broke the important supply zone with a strong bullish candlestick pattern. The CRV token price broke the rounding bottom pattern on an hourly time frame. As of now, the CRV token price is forming higher high and higher low formations on a daily time frame. The consequence of a supply zone breakout was a strong bullish momentum as the CRV token price faced rejection at the same zone many times.
CRV token price consolidates after breakout
As of now, after rising rapidly after the breakout, the CRV token price is now falling. After retesting the breakout zone, the CRV token price has begun to rise again. The CRV token price is currently trading above the 50 and 100 Moving Averages. As the token price rises, it can be seen finding support at these Moving Averages. The price of the CRV token has also surpassed the 14 day Simple Moving Average.
After bouncing off the lower band, the CRV token price is now trading at the upper band of the Bollinger band indicator. Because the Bollinger band’s range is currently wide, some consolidation before the next upward move is unavoidable.
The CRV token price is forming a rounding bottom pattern on a daily time frame
ADX curve has been dipping for the past couple of weeks after rising. As the token price broke the supply zone, the ADX curve was also seen moving up rapidly. As of now, the ADX curve is dipping as the token price also falls after a strong bullish momentum. The fall in the CRV token price has resulted in the formation of a rounding bottom pattern. Once the token price breaks the rounding bottom pattern the ADX curve can also be seen moving upwards.
MACD indicator has given a negative crossover as the token falls after the breakout of the supply zone on a daily time frame. The blue line crossed the orange line on the downside. This has resulted in the token price falling strongly. Once the token price starts moving up again after retesting, the MACD indicator can give a positive crossover and the gap between the blue and orange lines can be seen widening supporting the trend. After the breakout of the small supply zone, the token is now trading in a small range, resulting in the consolidation.
The CRV token price stormed past above the supply zone with a strong bullish candlestick pattern. The token broke out of the super trend sell line which triggered the buy signal. As of now the CRV token is trading above the super trend buy signal line. Currently, the token price is seen retracing back to the breakout zone for a retest. Going forward the super trend buys line could act as a strong support zone. Although, the token price is bearish on a daily time.
Conclusion: The CRV token price is on a bullish trajectory despite the recent bearishness. The technical parameters suggest the same. It remains to see if the CRV token price breaks the rounding bottom pattern on the upside it fails to do so.
Support: $1.10 and $1.20
Resistance: $1.50 and $1.70
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.
