Curve DAO Price May Extend 127% Gains as Bullish Pattern Nears Completion

Curve DAO price chart has completed the formation of a cup with handle pattern, a market setup that often comes before a major price breakout. This pattern formed on the 1-day chart suggests the altcoin’s price could extend a 127% rally to $1.2.

At press time, Curve DAO  trades at $0.7811 and is up 4.72% in the past 24 hours. The market cap of CRV hovers around $1.06 billion, making it the 76th largest cryptocurrency.

Curve DAO Price Eyes 127% Spike to $1.2000

Curve DAO price is primed for a 127% spike to a multi-month high at $1.2210 amidst forming a Cup and Handle pattern on the 1-day chart. The cryptocurrency is consolidating near the $0.7811 neckline, and if the bulls manage to trigger a successful push beyond this point, a breakout rally is inevitable.

The above cup and handle pattern often signals the start of an uptrend. It appears as a rounded bottom called the ‘Cup’, which is followed by a minor consolidation called the ‘Handle’.

The aforementioned target of $1.2210 is calculated by adding the 55% depth of the cup to the neckline at $0.7811. Continuation of the bullish pattern and the potential breakout is validated by an uptick in volume and momentum.

Moreover, CRV price trades above the 200-day moving average and often signals strength when used alongside the cup and handle formation. The 50-day MA is also rising towards the price and has switched color to green, indicating growing bullish momentum.

18% Uptick in Derivatives Volumes Suggests Upward Continuation

According to on-chain data, derivatives volumes and open interest have risen by 18% and 5% in the last 24 hours, respectively. The growth suggests there’s still strong market interest to support the bullish outlook for a potential 127% rally.

Final Take

Curve DAO price forecast shows the cryptocurrency is eyeing a breakout rally from the formation of a cup and handle pattern. This pattern indicates a potential breakout rally to $1.2210 if momentum continues building up at the neckline. 

The 24-hour derivatives volume has improved by 18%, which further confirms rising momentum to support the bullish outlook. Historically, a “Cup and Handle ” pattern has led to previous crypto rallies,  and this could be no exception.

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William

William is a markets and business journalist at CoinGape, where he covers developments across the digital asset space. He has contributed to leading media outlets such as the Times of Malta and previously reported on business news as an assistant reporter for TVM.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.