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- 1 CRV price might be gearing up to make a 30% rally.
- 2 CRV price is preparing for a rebound from the 200 EMA
Curve Dao (CRV) price currently trading near an important support level around the 200 EMA if CRV price gives us a strong green candle near this level chances are that CRV might soon make a comeback of a lucrative 30%. The Curve Dao token powers a financial platform named Curve.fi which acts as an exchange and as an (AAM) automated market maker. The current price of CRV is $0.99.
CRV might take from its current level
The curve token was developed by Michel Egorov, a Russian scientist. The exchange market is mainly based on liquidity pools where the protocol allows users to connect with different exchange markets for finding the best fee rates which are beneficial for traders as it allows them to find low slippage rates and maximise their returns. After making a trade on the curve network the liquidity provided is given a share of the trading fee for their participation.
Technical Analysis ( 1 Day Timeframe )
EMA’s – After breaking the critical resistance of 200 EMA in late January CRV price tried sustaining above it but could not break above it even after consolidating near for a while but after taking support from the 100 EMA Curve Dao’s price again broke the 200 EMA with strength after giving a rally of 40% CRV is now again retesting these levels if Curve dao again makes a bullish candle above it chances are it will give us a bullish move of 30%
Support and Resistance – The CRV price is currently taking support from the price of $1.00 while its next support is 9% below the current price of around $0.91 and its present resistance is 30% above around the price of $1.30.
RSI – While the price is trading sideways the RSI is making a downtrend. Currently, the RSI line is trading near the median line at around 44.17 points while the 14 SMA is just above it at 55.61 points. The RSI curve is suggesting that it might soon start moving upwards although it might take resistance from 14 SMA.
Conclusion
CRV price is currently trading near a critical support level just above the 200 EMA if the CRV price gives a bullish candle pattern such as an engulfing candle or the three white soldiers pattern or a hammer chances will be that CRV might give a bullish move of 30%. This situation is beneficial for both swing traders and day traders.
Technical levels
Support – $0.91 and $1.00
Resistance – $1.30.
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.
