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- The price fell inside a consolidating range over the daily price chart when the CRV bulls were under pressure.
- The chances of a bullish comeback are looking quite high now.
- The CRV/BTC pair is at 0.0001212 BTC which is at a loss of 3.50%.
After pressurizing the CRV bulls the price fell inside a consolidating range over the daily price chart. Now the CRV bulls are trying to push the price to the upper level of the consolidating phase. The token needs to attract buyers in order to register a successful breakout or else the ecosystem may face a collapse.
The CRV price is already moving near its all time low and a further collapse may create a difficult situation for the bulls to make the token recover. The trading volume is at a decrease of 57% which needs to be taken care of by the bulls as it is one of the major factors which affects the price on any token.
The current price for one CRV token is trading at $2.92 which is at a loss of 4.09% in its market capitalization in the last 24 hrs. The token has a trading volume of 124 million which is at a huge loss of 57.54% in the 24 hrs trading session and has a market cap of 3 billion. The volume market cap ratio is 0.0412.
Can CRV Bulls Push the Price to a Breakout?
While looking at the short term (4 hrs) chart we can observe a bullish movement, this signifies that the bulls are trying hard to register a breakout.
The MACD indicator over the hourly price chart displays, after the fresh positive cross the buyers line is now moving above the sellers signal line along with the supporting green histograms. The relative strength index indicates supporting the same, speeches about the increasing buyings as the price is near to its all time low. The RSI value is moving above 50.
Conclusion
After pressurizing the CRV bulls the price fell inside a consolidating range over the daily price chart. The CRV price is already moving near its all time low and a further collapse may create a difficult situation for the bulls to make the token recover. The indicators are showing the increase in buying which is pumping the price over the hourly and daily price chart, but looking over the indicators of hourly chart shows the chances of a bullish comeback quiet high.
Technical levels
Resistance levels: $1.5 and $1.6
Support levels: $1.2 and $1.09
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the 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.
