CRV to nose dive in deep pothole-further decline can be sensed

The price is down by more than 99% from its all-time high, amounting to $0.56.
The bears are taking over the whole market and dragging it down.
CRV’s TVL was reduced to $3.7 billion.

The market is ready to go skinny dipping in this cold pool of crypto. It shows no signs of improvement, instead hints of the future free fall. The investors are losing confidence and this can be worrisome as this can lead to a heavy sell-off which can further drop the token’s price, and can be seen as initiating.

The picturesque

The price falls closer to the support line and forms a downtrend. The has already tested the $0.531 support level twice, and if it breaks through this, then the new support will be formed at $0.33, as the lower swing will be with greater magnitude. The price also witnesses heavy sell-offs and bears taking control of the market.

The CMF indicator moves below the 0-mark, indicating the ongoing downtrend and may maintain its state below the mark. The RSI indicator is more in the bearish zone of the 30-40 range. It may reach closer to the verge of being oversold and hold, as the bulls will try to balance the market. The MACD indicator flashes bearish signs with heavy seller participation and a signal line over the MACD line. The bulls will need help to balance the market and may bring the market situation to a neutral state.

The closer look

The market is a battlefield between bulls and bears, where bears are pulling down, and bulls are trying to push it up. The pull and snatch are visible as the CMF indicator moves slightly up from its current position. The MACD indicator goes neutral with tangled lines and a thread of purchases. The RSI goes closer to the oversold cliff, looks down the hill, and may even jump from there.

Conclusion

The market is already knee-deep in the FTX meltdown. It can’t deal with the falling market of other coins simultaneously. But it seems like there’s nobody to pull them out of this mess. Coins like CRV are in this for long loss and heavy harm. The users are ready to leave it alone as it’s constantly losing hope.

Technical level

Support levels: $0.53 and $0.33

Resistance levels: $1.024 and $1.094

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.