Rising Bullish Momentum May Push CRV Above $3

A bullish reversal from the $2 support continues the Curve Dao(CRV) price consolidation with a descending triangle pattern. Thus, the altcoin shows a steady north march towards the overhead resistance trendline, preparing for a decisive breakout. Today, the altcoin displays a 12% price jump on the intraday level with a 90% hike in volume activity.

Key points: 

• The CRV price action wobbles in a descending triangle pattern. 
• The 100-day EMA puts an additional barrier at dynamic resistance trendline
• The intraday trading volume in the CRV token is $307.5 Million, indicating a 92% gain.

Source- Tradingview

On April 25th, the Curve Dao(CRV) buyers submitted to the concentrated resistance of $2.74, descending trendline, and 100-day EMA, resulting in a bearish reversal. This new bear cycle within the descending triangle pattern tumbled the altcoin by 28.2%.

The CRV price retested the March bottom support near $2 and witnessed a significant buying pressure. This V-shaped recovery with four consecutive green candles indicated the traders are aggressive buying on this dip.

Furthermore, the coin chart displays a gradual rise in volume activity, suggesting healthy growth in bullish momentum. If the buyers sustain this recovery, the CRV price could give a bullish breakout from the triangle pattern.

However, it should be noted that the descending triangle pattern is a bearish continuation pattern and the technical set-up favors sellers with a breakdown of neckline support, which is $2-$1.91.

Therefore, the interested participants should consider the area within the price pattern as no-trading zone and wait for a genuine breakout before entering the market.

Technical analysis

A sideways rally from 20-and-50-day EMA accentuates the short-term consolidation of CRV price. Whereas the downsloping 100-and-200-day EMA reflects an overall downtrend. Moreover, the 100-day offers a constant resistance to price.

The RSI slope reentering the bullish territory suggests positive sentiment among market traders.

• Resistance levels- $2.7, and $3
• Support levels- $2 and $1.23

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.