Curve Dao Drops As Michael Egorov Faces Liquidation Risk

Blockchain analytics firm Lookonchain revealed in its X post that Curve DAO founder Michael Egorov’s positions on DeFi lenders were liquidated. Egorov has 33.87 million worth of CRV tokens in collateral. Moreover, he also has $20.60 Million in debt on four platforms.

Curve DAO Price Drops on the Technical Chart

On June 13, 2024, the CRV price dropped by almost 21.99%. The price opened at $0.3584800, took a low of $0.22425000 and closed at 0.28126000.

The Curve DAO crypto (CRV) crypto price fell below the bearish zone and has displayed bearish waves for the last 24 hours. Moreover, the cryptocurrency is struggling to maintain its momentum and is falling in a downward direction. The crypto has declined over 32% this month, demonstrating the bearishness in recent sessions.

CRV is trading below the 50-day and 200-day EMAs, showcasing a downtrend. However, the current price has gone far away from the EMAs showcasing a sudden panic impact in price. 

At press time, the Curve DAO (CRV) price was trading at $0.28126000 with an intraday loss of 21%, highlighting bearishness on the chart. It has a monthly negative return of 32% and 53% yearly. It has a market cap of $355.66 Million. Analysts and indicators are bearish and suggest the CRV price will attain lower levels in upcoming sessions.

CRV Crypto Price, Volume, and Social Metrics are on the Decline

According to the Santiment data, trading volume has increased tremendously because of the panic selling in the CRV, and the price has dropped because of the selling pressure.

The sentiment metrics of social dominance and social volume show that mentions, posts, discussions and interactions on social media platforms like X, Instagram, and Telegram have decreased. The upcoming momentum of CRV crypto price may depend upon social dominance and social volume.

Decoding the Curve DAO Indicators 

The CRV crypto price has broken below the 50-day and the 200-day EMAs, showcasing bearishness. 

The MACD and the signal line are trading in a negative zone, the curves showed a bearish cross, followed by red histograms.

The RSI is showcasing a bearish perspective and has broken below the 14-day SMA. The RSI has traded down the 50 level, highlighting sellers’ dominance in the crypto. 

According to the technical summary on TradingView, out of 26 indicators, 16 are on the sell side, 10 are on the neutral side, and 0 are on the buy side, which shows that the indicators are giving strong selling signals and suggesting a negative outlook for the CRV crypto price.

CRV price may find support at $0.22941795 and $0.18643681, where it could bounce back or stabilize. The crypto may face resistance at $0.38747978 and $0.51495476, where it could reverse or consolidate.

Summary

CRV price analysis is bearish for the long term amid the presence of bearish momentum. Curve DAO price is inside the bears’ grip so the probability of bearishness in upcoming weeks remains high.

Disclaimer

It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.