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- 1 Curve Dao has successfully launched its algorithmic stablecoin crvUSD on the Ethereum network.
- 2 Technical indicators of CRV are favoring a downside momentum in price.
- 3 CRV token is down by 7.44% in the intraday session.
Curve is a DEX for stablecoins that uses AMM to manage liquidity. The protocol has seen a strong growth since the mid of 2020. It is focused on facilitating low-cost and efficient trading of stablecoins. There is no need for intermediaries for trading the stablecoins. It is also designed to have minimum slippage with the help of a platform algorithm. It helps to ensure that users get the best possible price when trading stablecoins.
The founder and CEO of Curve is Michael who is a Russian scientist with vast experience in the Crypto field. Curve Finance has launched its USD-pegged stablecoin on the Ethereum mainnet. It has minted more than $22 Million worth of crvUSD tokens so far. It is one of the significant movements toward launching the stablecoin. It has a trading volume of $46.9 Billion which has seen a drop in the past few months. CRV has a total TVL of $4.85 Billion which has observed a drop in the last few months.
Curve has a market cap of $685 Million and is ranked 64th in the crypto-verse. The volume of the asset price has seen a surge of 54% in the intraday session. The V/M ratio of CRV hints towards a consolidated momentum in price.
Will CRV See A Rebound In The Future?
The weekly technical chart of CRV hints toward a bearish momentum. On the daily chart it is trading in a bearish engulfing candle chart. CRV is trading near the value of $0.84 with a drop of 7% in the intraday session. It is trading below the 50 and 100 Daily Moving Averages with a negative crossover in the past. This can push the asset price to a new low in the future.
The upside trend of CRV can see a halt near the value of $1.Meanwhile, the support of the asset price can be seen near the value of $0.65.
The RSI of the asset price is near 37 hinting at its presence in the oversold zone. There is a downside slope in it hinting towards a bearish momentum.
Summary
Curve Dao has recently launched its algorithmic stablecoin on the Ethereum mainnet. CRV is currently on a downside slope but can see a rebound in the future.
Technical Levels
Major Support:$0.65
Major Resistance:$1
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.
