The Curve DAO price is experiencing a bloodbath as the buyers failed to establish their presence near the 200-Day EMA. The crypto price experienced a sharp fall in the last couple of weeks wiping out over 25% of its market value.
The buyers tried to recover and re-establish the price above the 200-Day EMA, however, could not counter the selling pressure and the price dropped a short term pullback. Looking closely over the charts, the CRV crypto price closed near the weekly low.
The Crypto started this week with a positive bias and formed a green candlestick on Monday. However, the winning streak could not continue in the later sessions as the price dropped and currently has reached near the weekly low value.
At the time of writing, the Curve DAO Token cryptocurrency was at $0.467 with an intraday loss of 2.13%. Additionally, it has a market capitalization of nearly $507.5 Million after the intarday loss. The volume to market cap ratio is 9.40%, suggesting mild volatility in the crypto.
Curve DAO Token Price Trend Analysis
The Analysis of the CRV/USD crypto chart over the daily time frame showcases a bearish outlook after the breakdown below the 200-Day EMA. The last three months data shows that the CRV crypto bottomed out in the last week of October 2023 and made a bull run till the Mid December 2023.
Between October 2023 to December 2023, the price completed its journey rising from a low of $0.42 in October to $0.72 in December added a total of 70% to the portfolio of traders and Investors.
Furthermore, The Curve DAO crypto price could not sustain more above the 200-Day EMA and topped out in December 2023. The price then made a free fall in January and at the time of writing has wiped out nearly 80% off the earlier gains.
If the selling pressure resumes, the CRV crypto could slump below the multi month low value and experience more bloodbath.
At the time of writing, the RSI was at 39.10 points and that of the 14-SMA line was at 39.16 points. Both the RSI line and SMA line were placed below the mean line indicating weakness over the charts.
Curve DAO Token Price Prediction February 2024
The bearish outlook of the analysts shows that the price has more room to decline till the recent support at $0.443, after which it could drop to a low of $0.41 by the end of the month. The positive view of the analysts pegs the price at the $0.538 level on the daily chart.
Curve DAO Token Price Prediction 2024
The price forecast for the year 2024 highlights that the CRV token price could reach a high of $0.805, suggesting a potential gain of over 73.53%. On the other hand, the bearish outlook of the analysts is that the price could reach $0.672 by the end of the year.
Curve DAO Token Price Prediction 2025
By the year 2025, the CRV token price may attain $1.125 as the highest price. On the flip side, the minimum price up to which the crypto price may rise by the year 2025 is $0.887.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/31/curve-dao-token-hits-multi-month-low-whats-driving-the-sell-off/