The CRV/BTC pair was trading at 0.00003618 BTC intraday, representing a loss of 0.26%. The CRV token experienced a huge fall of 56.71% last year under a prolonged bearish spell. Due to strong selling pressure in the market, the CRV token fell to its secondary support level of $0.637 at the end of 2022.
At the end of the year due to heavy selling pressure in the market, the sellers pulled the CRV price below its secondary support level and this might be one of many reasons that the token made its new 52-week low near the end of 2022.
Since the start of 2023, CRV price was on an uptrend which shows that the buyers were hyper-active in the market. But as soon as the token price tried to break its secondary resistance of $1.293, it got rejected and sellers pulled it back below the primary resistance of $1.062. This shows that the zone above the upper limit is acting as a distribution zone. Since then, CRV price is consolidating between the upper and lower limit which indicates that neither buyers or sellers have the upper hand in the market.
Curve DAO Token price prediction suggests if buyers push themselves and help the CRV price in breaking out of its consolidation phase, then the token may show an upward rally toward the secondary upper limit over the daily time frame chart.
The trading volume of the coin increased by 34.20% in the last 24 hours, indicating an increase in buying which shows strength in the bullish intent.
Curve DAO Token Price Technical Analysis
The Relative Strength Index (RSI) is decreasing in the overbought zone and might show a negative crossover over the daily time frame chart, wherein the sellers are in the majority in the market, pushing CRV downwards. This shows the weakness of the current bullish trend. The current value of RSI is 57.05, which is above the average RSI value of 51.18.Â
The MACD and the signal line are intersecting near zero but do not show any definitive crossover on the daily chart which can support RSI claims. This indicates neutrality in the market.
Conclusion
The Curve DAO Token price has been consolidating between its primary support and resistance levels, with a current value of $1.01 and above its EMAs.The trading volume increased by 34.20% in the last 24 hours, indicating an increase in buying. However, the RSI is decreasing in the overbought zone and may show a negative crossover, indicating the sellers’ majority pushing CRV downwards. The MACD and signal line intersect near zero, indicating market neutrality. Buyers need to push the token out of consolidation for an upward rally toward the second upper limit.
Technical Levels
Resistance level- $1.062 and $1.293
Support level- $0.8771 and $0.637
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
Source: https://www.thecoinrepublic.com/2023/04/10/curve-dao-token-price-prediction-will-buyers-push-for-an-uptrend/