CRV price saw a rise of roughly 150%, from the low of $0.519 and formed an annual high at $1.30 during the start of 2023. After which price entered into a bearish trend. The price did attempt to retest the annual high after forming support near $0.83 level but the move could sustain above $1.105.
During June, price finally broke the March lows and melted to form support at $0.565 level. The cryptocurrency price entered into an uptrend forming higher highs and higher lows from the recent support.
Recently, CRV price faced rejection from the $0.81 level and retraced to form a support at $0.70. The price regained bullish momentum and is headed toward $0.81 resistance level. The previous candle has closed as a bearish candle indicating the presence of bears at the $0.80 level. The current candle has not yet broken the high of the previous candle but is currently bullish.
If bulls can push CRV price above the resistance level of $0.81, there is a high probability for the price to head toward $0.87 causing a rise of roughly 7.14%. On the other hand, if price rejects $0.81, it might head down toward the recent support of $0.70.
The market capitalization of Curve Dao has increased by 1.35% to $681,068,571. The year-to-date return of 50% while three-month return is -22.26%. For price to head toward the yearly high, it needs to close above $1.105.
Will CRV Price Rise Above $1 This Week?
The cryptocurrency price has crossed above 20 and 50-day EMA suggesting rising bullish momentum in the price. Previously, Curve dao price faced rejection from 100-day EMA and is again attempting to rise above it. Traders should be cautious near the 100-day EMA.
Chaikin money flow score is 0.13 suggesting a strength in the market. The relative strength index is 57 which also indicates that price has rising bullish influence. The price recently reached the upper band and entered into a short-term pullback.
Currently, Curve dao price has formed support near 20-day SMA and is headed toward the upper band which resides near $0.829. The long/short ratio is 1.04 with 51.19% longs and 48.81% shorts indicating higher pressure from the buying side in the last 24 hours.
Conclusion
The market structure and price action of Curve Dao is currently bullish and the price is headed toward the immediate resistance of $0.81. Risk-averse traders should wait for the price to break above $0.81 before looking for bids. The technical parameters favor the buying side as CRV price possesses bullish momentum.
Technical levels
Major support: $0.72 and $0.565
Major resistance: $0.81 and $0.87
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/09/curve-dao-price-prediction-crv-price-headed-toward-1-level/