Curve DAO Token Losing Momentum, Is The Bullish Rally Over Now?

Curve DAO Token price seems to be losing momentum after a bullish surge of almost 25% in the past two weeks. The price is near a resistance zone from where it might suffer rejections and show a bearish dominance.

The daily chart illustrates that the crypto price follows a parallel channel pattern. Recently, the price surged from the lower boundary of the channel pattern and made a bullish surge of more than 20%.

Currently, the price hovers near the 50-day EMA and trying to sustain above it. The price still trades in the parallel channel pattern indicating the long-term selling pressure prevailing in the crypto.

Curve is a platform that focuses on stablecoin trading through an AMM model. The DAO and CRV token added more value to the platform, as CRV is used for governance and rewards users based on how long and how much they provide liquidity.

Curve DAO Token benefits from the high demand for DeFi activities such as yield farming and liquidity mining, as well as those who want to earn returns without risk by holding stablecoins that have minimal price fluctuations. The platform earns revenue by charging a small fee that goes to the liquidity providers.

Curve DAO Token Price Trying To Sustain 50-Day EMA

The Curve DAO Token price is currently trading at $0.51 with a decrement of 1.7% in the last 24 hours. The CRV price has witnessed an optimistic breakout of the consolidation. However, the bulls are losing momentum near the resistance which might invite the sellers to push the price down.

The volume analysis shows that the CRV crypto has received $30.9 Million volume in the last 24 hours which is 2.46% less than the last day. The volume-to-market cap ratio is 7.01% indicating the mild volatility in the crypto.

Technical Indicators Shows Optimistic Trend

MACD lines are showing a positive crossover. Also, histogram bars are formed above the mean line of increasing height, indicating bullishness in the crypto.

The EMA analysis shows that the CRV price currently trades above the 50-day EMA and trying to sustain above it. The buyers must sustain above the 50-day EMA in order to continue with the momentum.

Conclusion

Curve DAO Token price is near a resistance zone and might face rejections. The price follows a parallel channel pattern and is above the 50-day EMA. Curve is a platform for stablecoin trading and DeFi activities. CRV is used for governance and rewards. The platform charges a fee to the liquidity providers. The price is $0.51 with a drop of 1.7% in the last 24 hours. The volume is $30.9 Million and the volume-to-market cap ratio is 7.01% indicating mild volatility.

Technical Levels

Support Levels: $0.425 and $0.390
Resistance Levels: $0.520 and $0.635

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 or stock comes with a risk of financial loss.