The most awaited white paper by CRV was released recently.
The fee amendments proved favorable for the currency.
The price rally was a punch in the face to the Mango Market exploiter.

The crypto market dodged the recent event well as the Mango Market incident tried to replicate itself, but the price surged instead of dripping. The reason behind the surge could be the broadcast of the white paper by the Curve Foundation, containing the details about its anticipated stablecoin crvUSD. This announcement came as a shield, preventing one more probable crash. Also, its dynamic fee structure proves favorable for the currency and gives the price rally an extra oomph.

Keep in mind – there will be clarifying edits. Paper is a bit too dense currently – some folks are looking at how to make it easier to read! https://t.co/Emsc1EvtbC
— Curve Finance (@CurveFinance) November 22, 2022

Magic of dynamic fees pic.twitter.com/Qr6Rj4GrfZ
— Curve Finance (@CurveFinance) November 23, 2022

The char-t-ale

The price shoots up soon after the release and increases by nearly 10%, amounting to about $0.71, with a sharp rise in the volume. The price surges to the center part of the Bollinger band and crosses 20-EMA aiming for the next capture of the 50-EMA. If it closes beyond $71, it may mark a strong bull market.

The price rally causes the MACD indicator to quickly undergo a convergence so it could diverge for the bulls and display some greenery. It may widen as the white paper unfolds the different aspects of the currency and its stablecoin. The CMF indicator stands perpendicularly tall as the rise is sharp and forceful. It may gain some control but will continue in the same region. The RSI indicator also steeply rises straight to the 50-mark zone to go beyond the neutral zone as the bulls take charge. It shoots further and tries to cross the bounds and become overbought.

The 4-hour POV

The price gained some control as it was rising uncontrollably before. It still rises but with some reduced momentum. The MACD indicator goes on to diverge with wide gaps and ascending histograms. It may widen further as the bulls take over. The CMF indicator continues to float above the 0-mark and flash uptrend. The current momentum may continue and even rise again. The RSI indicator goes oblique for the zone beyond the 70-mark and may soon become overbought.

Conclusion

The market is recovering well from the shockwaves of the crunch and regaining the lost trust of the users as new amends, and newer projects are on the way to launch. The recent release of the white paper and the successful prevention of one more Ponzi scheme could be named as a winner of the crypto force. It might be coincidental, but it was much needed to prevent it, as the market is very much not ready for another turmoil.

Technical levels

Support levels: $0.532 and $0.418

Resistance levels: $0.975 and $1.100

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2022/11/24/white-paper-release-may-be-the-new-beginning-crvs-price-rally/