Published 43 mins ago
With CRV prices making an bearish candlestick after 10% of overnight fall, the CRV prices revert back to the support trendline. Moreover, the RSI indicator shows a bullish trend in motion, neglecting the sharp overnight fall. So, should you consider buying this dip?
Key Points from CRV analysis:
- The CRV price action showcases a bullish failure to exceed the 50-day SMA.
- The medicine gulping candle undermines the bullish reversal of this week.
- With a market cap of $544 Billion, the intraday trading volume of Curve Dao has decreased by 17% to reach $116 Million.
Source- TradingView
Curve Dao(CRV) prices fell with a surge in the selling momentum after the recent hawkish comment of Powell. As a result, the buyers failed at the confluence of the 50 and 20-day EMA, resulting in a 10.73% fall, creating a bearish engulfing candle in the daily chart.
Currently, the falling prices rest at the long-coming support trendline, which shows a bullish trend in the RSI indicator. Furthermore, the daily candle taking a Doji shape supports the possibility of a bullish reversal with a morning star pattern.
At press time, the CRV market value shows a 6.15% decline, but the sustenance above the support trendline avoids further downfall.
If the support trendline fails to control the selling spree breaks this weekend, the CRV prices may drop to the $0.84 mark. However, the bullish reversal helping the prices sustain above $1 can result in a 20% jump to $1.20.
Technical Indicators
The daily-RSI slope shows a sharp reversal from the 14-day SMA within the nearly oversold zone. However, the last two dips maintain the higher low formation reflecting a bullish trend which increases the reversal possibility.
However, the MACD indicator shows a declining trend continuing in the fast and slow lines after the failed bullish crossover attempt. Hence, the risk of CRV prices plummeting under the support trendline sustains.
- Resistance Levels: $1.20 and $1.50
- Support Levels: $1 and $0.84
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.
Source: https://coingape.com/markets/crv-prices-sustaining-above-1-lights-hope-of-a-bullish-reversal/