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- The imbalance in Curve finance pool caused by the USDC depegging has been restored within a few weeks
- Technical indicators of CRV are favoring an upside momentum.It has seen a pump of 6% in the BTC pair
The Curve is a decentralized exchange that aims to provide low slippage and high-efficiency trading for stablecoins. It was launched in 2020 and has seen strong growth ever since. CRV can be used as a governance token by allowing holders to participate in the decision-making process regarding the development and management of the platform. Curve finance is designed to address the inefficiencies and high transaction fees which is currently associated with the traditional DEX. Curve users can provide liquidity to the platform and earn tokens as a reward. The platform majorly focuses on stable coins like USDT, USDC, DAI, and others. CRV has a total TVL of $4.7 Billion with 77,506 holders present. The Curve.fi voting escrow has a total of 33% supply staked with them. The imbalance in the Curve 3 pool caused by USDC de-pegging has been restored within 3 weeks.
Curve Dao has a market cap of $779,542,771 and is ranked 62nd in the crypto-verse. The volume of the asset price has seen a pump of 47% in the intraday session. The volume-to-market cap ratio of CRV suggests a consolidated trend in price.
Are Bulls Of CRV Looking For A Rally?
The weekly technical chart of the CRV suggests a weak downside trend in price. On the daily chart, it is trading near the value of $1.01 with a gain of 5% in the intraday session. Resistance of the CRV can be seen near the value of $1.2.Meanwhile, the support of the asset price can be observed near $0.8. CRV is trading above the 50 and 100 Daily Moving Averages. It can see a positive crossover which can push the asset price to a new high in the future.
MACD histograms are favoring a weak upside trend in price. The overall sentiment of the MACD is bullish.
Conclusion
Curve pools imbalance has seen a correction within the weeks of USDC de-pegging. It is currently in a weak upside trend and can see a breakout to $1.5 in the future.
Technical Levels
Major Support:$0.8
Major Resistance:$1.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
