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- Curve DAO Token was currently at $1.11 with a decrease of 10.35% during the intraday trading session.
- The 24-hour low of CRV was $1.11 and the 24-hour high of CRV was $1.24.
- The current Curve DAO Token price is above 20, 50, 100, and 200-Days EMA.
The pair of CRV/BTC was currently trading at 0.00004628 BTC with a dip of 6.76% over the intraday trading session.
Curve DAO token price analysis suggests that It is currently in a bearish phase. 2022 was a very volatile year because of lots of ups and downs throughout the year. Overall 2022 was not a very good year for CRV as it was in decline throughout the year because sellers dominated the market At the end of 2022 CRV entered its demand zone or accumulation phase and on the last day of 2022, CRV made its new 52-week low. But after the start of 2023, CRV started rising even breaking its primary support of $0.965 but after the breakout, CRV began consolidating between its primary resistance of $ 1.141 and its primary support.
After the appearance of a bearish marubozu candlestick over the daily trading chart sellers tried to push CRV downwards even breaking its primary support but buyers took back the market from sellers and pushed CRV upwards even breaking its primary resistance but sellers again took over the market and pushing CRV downwards which indicates that this breakout was a false breakout which can lead to bad trades.
The volume of the coin has increased by 4.67% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of CRV, which represents a weakness in the current trend and a possible reversal.
The technical analysis of Curve DAO Token:
RSI is decreasing from the overbought zone and has shown signs of a negative crossover which indicates that the sellers are coming in the majority and taking back the market from buyers and pushing CRV downwards. This suggests the strength of the current bearish trend. The current value of RSI is 52.51 which is below the average RSI value of 55.98.
The MACD and the signal line are decreasing and intersecting and also showing signs of a negative crossover. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Curve DAO Token price analysis suggests that CRV is in a bearish phase. After the start of 2023, CRV started rising but then it began consolidating, and after breaking its primary resistance bears pushed CRV downwards which indicates that the previous breakout was a false breakout that can lead traders to make bad trades in the market. RSI and MACD are showing signs of negative crossover which shows strength in the current bearish trend, as per the technical indicators.
Technical Levels-
Resistance level- $1.141 and $1.455
Support level- $0.965 and $0.499
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.
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.
