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- 1 Michael Egorov has recently deposited CRV into AAVE to avoid liquidation on his loan
- 2 CRV technical indicators are currently favoring a bearish trend in price. It has seen a drop of 17% in past seven days
Curve is a decentralized exchange for stablecoins which manages its liquidity through AMM’S. Curve has seen a significant growth since its inception and is up by 93% from its all time low.The founder and CEO of the protocol is Michael Egorov, a Russian scientist. Recently, Michael Egorov deposited $24 Million worth of CRV to safeguard his loan. Meanwhile, 291 Million of CRV has been deposited in AAVE which equates to around 34% of the supply of Curve token. As per the blockchain expert Lookonchain, he started borrowing stablecoins from AAVE in April. Some amount of the Loan has been sent to Aave and some to market maker Winter Mute.
Curve.fi has a total number of 88598 active users on Ethereum as per Dune Analytics.
The protocol’s cumulative volume has recorded strong exponential growth. The TVL of Curve Finance has not seen any significant changes and is near $4.183 Billion.
The average revenue of Curve Finance has not observed any significant changes. Curve has a market cap of $546 Million and is ranked 63rd in the crypto-verse. The volume of the CRV has seen a slight gain of 0.07% in the intraday session.
Are Curve Bears Pushing the Price Down?
Curve token has been observing a weak bearish momentum on the weekly chart. CRV price has been forming strong bearish candles on the daily chart. CRV is currently trading near the value of $0.644 with a drop of 3.4% in the intraday session. The upside trend of Curve token price can see a halt near the value of $0.8. Meanwhile, the support of the asset price can be seen near $0.5. The digital asset price is trading below the 50 and 100 Exponential Moving Average. If a negative crossover occurs then it will push the CRV price to a new low.
The RSI of CURVE is near 24 with a strong downside slope in it. The overall sentiment of the RSI is bearish.
Summary
Michael Egorov has deposited over 34% of CRV liquidation supply to safeguard its loans. CRV price is currently seeing a bearish momentum and can see a new high in the future.
Technical Levels
Major Support:$0.5
Major Resistance:$0.8
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
