- Curve DAO price is trying to sustain near the upper trendline of the descending parallel channel over the daily chart.
- CRV crypto is trading at 20 and 50 EMA and still behind 100 and 200-days Daily Moving Average.
- The pair of CRV/BTC is at 0.00005616 BTC with an intraday drop of 1.99%.
Over the daily price chart, the price of the Curve DAO Token has been falling through a parallel descending channel. The token initially attempted to pick up the momentum of the rally and surged towards the upper trendline, but it was unable to do so and returned to the channel. Buyer support is necessary for the CRV currency to break out of the parallel declining channel. The CRV coin needs to draw in more purchasers because bears are currently controlling its price. This indicates that CRV coin is now under pressure from short sales.
The current estimated price of the Curve DAO token is $1.29, and in the past 24 hours, it has lost 4.80% of its market capitalization. The intraday trading session saw an 82.04% decline in trade volume. This demonstrates that bears are attempting to ensnare the token in the grasp of short sellers. Volume to market cap ratio is 0.3292.
To advance toward the upper trendline and signal the token’s breakout, the price of the CRV coin has to gain support from buyers. However, the volume change is below normal and must increase for the CRV to signify its breakout. Meanwhile, CRV crypto is trading at 20 and 50 EMA and still behind 100 and 200-days Daily Moving Average.
Will CRV Bounce Back towards its Breakout?
For the CRV coin to enter its recovery phase, bulls must be accumulated. The token is currently moving in the direction of the parallel channel’s lower trendline while trading under the influence of bears. Technical indicators point to the strength of the CRV coin’s downturn.
Relative Strength Index showcases the downtrend momentum of CRV coin. RSI is at 50 and is about to signal any directional change over the daily chart. MACD exhibits the downtrend momentum of CRV coin. The MACD line is below the signal line and is heading towards 0 to enter the negative zone.
Conclusion
Over the daily price chart, the price of the Curve DAO Token has been falling through a parallel descending channel. The token initially attempted to pick up the momentum of the rally and surged towards the upper trendline, but it was unable to do so and returned to the channel. Buyer support is necessary for the CRV currency to break out of the parallel declining channel. However, the volume change is below normal and must increase for the CRV to signify its breakout. Technical indicators point to the strength of the CRV coin’s downturn. The MACD line is below the signal line and is heading towards 0 to enter the negative zone.
Technical Levels
Support Levels: $1.20 and $1.15
Resistance Levels: $1.50 and $2.00
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/11/curve-dao-token-price-analysis-crv-returned-from-the-upper-trendline-of-this-interesting-channel-know-more/