Published 6 hours ago
A V-shaped recovery in Curve Dao coin price offsets the recent breakdown from the $0.534 monthly support. This fake breakdown scenario brought more buying orders into the market by forced liquidating the trapped short sellers. However, the ongoing rally may soon retest the four-month-long resistance trendline to replenish the bear momentum. Is it safe to hold?
Key points:
- A daily candle closing above the $0.535 level will accelerate the bullish momentum
- The trendline breakout is needed to establish a sustained uptrend.
- The intraday trading volume in the CRV token is $162 Million, indicating a 46% loss.
Source- Tradingview
Under the influence of a downsloping trendline, the Curve Dao coin price has witnessed a steady downfall over the past four months. Furthermore, the several reversals from this dynamic resistance indicate the sellers are actively selling at this trendline.
Amid the FTX-crypto exchange crash, the CRV coin faced its last correction from the overhead trendline, leading a 6.68% fall to reach the $4 mark. However, the altcoin witnessed a sudden surge in buying pressure, which pushed the prices 82.4%. in the last three days.
This perpendicular growth sets a bullish upswing back to resistance trendline, offering a relief rally for the coin holders. Moreover, the rising price backed by reducing volume indicates the current bull run is temporary.
Anyhow, the Curve Dao price currently trades at $0.681 mark and breached a horizontal resistance of $0.534. This breakout should accelerate the bullish and prolong the ongoing recovery. Thus, with sustained buying, the altcoin should rise more than 30% to hit the overhead trendline.
However, if the overall market remained bearish the Curve Dao coin price will have a high possibility for another reversal.
Thus, the sidelined buyers waiting for a long entry opportunity should surpass the resistance trendline.
Technical analysis
RSI: The daily-RSI slope jump above the neutral indicates the improving market sentiment.
EMAs: the downsloping crucial EMAs(20, 50, and 100) adventures an established downtrend anprovidees dynamic resistance against a bullish pullback.
Curve Dao Coin Intraday level
- Spot price: $0.681
- Trend: Bearish ok
- Volatility: High
- Resistance levels- $0.8and $1.02
- Support levels- $0.688 and $0.534
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/how-far-the-rising-curve-dao-coin-price-may-reach-in-coming-week/