Published 7 hours ago
Following the August second half correction, the Curve Dao coin price plummeted to the $1-$0.988 support. Since last month, the altcoin cushion at this support indicates the traders are buying at dips. The post-correction rally couldn’t surpass the $1.25 resistance and formed a narrow price range. This range ended in the sellers’ favor, hints the resumption of prior correction.
Key points:
- A post-retest downfall could tumble CRV price by 11% to break $0.867
- The $0.867 support is aligned with 0.618 Fibonacci retracement levels.
- The intraday trading volume in the CRV token is $125.6 Million, indicating a 98% gain.
Source-Tradingview
Amid last week’s sell-off in the crypto market, the CRV price turned down from $1.25. The downfall registered a 28.5% loss and plunged to a low of $0.9. As a result, the altcoin price dramatically broke from $1-$0.988 support.
This breakdown should assist sellers in extending the correction rally to the $0.867 mark.
Today, the coin price is 3.75% up and shows a retest to the breached resistance level. However, the lower price rejection to the last two days’ candle and higher volume activity for the retest phase indicates weakness in bull momentum.
Thus, if the coin buyers push a candle closing above the $1 resistance, the fake breakdown scenario will drive the prices higher and continue the prior consolidation for a few more sessions.
On a contrary note, if the coin sustains below the $1 mark, the selling pressure would gradually rise and slump the prices to $0.65 support.
Technical Indicator
RSI: The market sentiment is bearish as the daily-RSI slope moves below the mean line. However, the indicator value is still higher than the previous lows, indicating weakness in bearish momentum.
EMAs: the coin price trading below the downsloping crucial EMAs(20, 50, 100, and 200) hints a bear trend is active. Moreover, among these EMAs, the 20-day EMA offers dynamic resistance.
Curve Dao Coin Intraday Level
- Spot price: $0.964
- Trend: bullish:
- Volatility: media,
- Resistance levels- $1.56, and $1.73
- Support levels- $1.3 and 1.08
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-this-range-breakdown-influence-future-prices-for-curve-dao-coin/