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- 1 The price of the CRV network is trading at the price of $0.64228051 The coin’s price rose by 5.48% in the last 24 hours.
- 2 The CRV price observed a decrease of 11.85% in the last 7 days.
- 3 The market capitalization of Curve DAO at $562.235 Million
A hacker exploited a flaw in Curve DAO, a platform that allows users to lend and borrow cryptocurrencies, and stole $62 Million on July 30, 2023 triggering panic among users. The value of the online money market by $1.5 Billion. Curve DAO offered a 10% bounty to the hacker to return the funds by August 6 or face legal action.
Aave DAO, another platform that works with Curve DAO, proposed to buy CRV tokens, the native currency of Curve DAO, to support its liquidity and voting power. Both Curve DAO and Aave DAO are trying to recover from the attack and improve their position in the DeFi space.
CRV Crypto Technical Analysis In One Day Time Frame
The price of CRV has below the 50 and 200 SMAs with a bearish crossover that shows the impact of bears in the market. If bears persist to pull the market down, CRV could fall further and go into a downtrend.
The RSI line is moving toward the overbought zone. It is around 42.55, while the 14 SMA is at 37.89 points. This indicates that the Curve DAO token is overbought. However, the CRV price could rise significantly if it breaks out of the falling wedge pattern.
The MACD indicator is giving bullish signals. The MACD line (-0.01132863) and the signal line (-0.03104009) are above the zero line, meaning that the MACD is in positive territory and is bullish for now.
The Curve DAO trading volume of 24 hours is $2.622 Million and the average volume of the last 10 days is $5.268 Million.
Technical Levels:
- Support Level: The current support level is $0.485452.
- Resistance Level: The current resistance level is $0.883024.
Conclusion
The online money market lost $1.5 billion in value. Curve Finance offered a reward to the hacker or anyone who can help find them. They also warned of legal action if the hacker does not return the money by August 6. Aave DAO, another crypto platform, bought some CRV tokens, the currency of Curve DAO, with USDT, a stablecoin. This was to help Curve DAO’s liquidity and voting power. However, CRV has been falling for a week. It has been below some indicators that show its price and performance. The crypto industry needs to fix security and market issues to regain its value and trust.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
