CURVE Price Analysis: Bears put up a good fight against the bulls; will the bulls win?

The token has shown bullish actions in the previous sessions.
CURVE token is facing resistance at the 200 EMA on the daily time frame.

On the daily time frame, CURVE token has broken out of the downward parallel channel and is now facing resistance at the 200 EMA. Curve is a decentralized trading platform for stablecoins that manages liquidity using an AMM (automated market maker) called Curve.fi. The platform has been designed to have little slippage and a low fee.

CURVE on the daily chart

The token had been trading in a downward parallel channel, making lower highs and lower lows, and had recently broken out with strong bullish momentum. The daily chart shows that the CRV coin is now trading at $0.893. It is trading between its two key Moving Averages, the 50 EMA and the 200 EMA. (Red line is 50 EMA and the blue line is 200 EMA). On the daily time frame, the token is encountering resistance near the 200 EMA.

Relative Strength Index: The asset’s RSI curve is currently trading at 83.93, indicating that it is in the overbought zone. The rise in the price of the token has increased the value of the RSI curve. The RSI curve has crossed above the 14 SMA, indicating bullishness. If the token can sustain its break above the 200 EMA, the RSI curve will remain in the overbought zone.

Analyst view & Expectations

In the daily time frame, the token has formed a strong bullish candle, with bulls driving up the price of the token. Investors are advised not to buy now and instead to wait for the token to break above the 200 EMA and sustain this level in order to gain more information on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to go short if the token forms a strong bearish candle at the 200 EMA and book profits based on their risk-to-reward ratio.

According to our current Curve DAO Token price prediction, the value of Curve DAO Token is expected to fall by -1.75% in the coming days and reach $ 0.875627. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 45. (Fear). Over the last 30 days, Curve DAO Token had 21/30 (70%) green days and 20.99% price volatility. According to our Curve DAO Token forecast, now is not the moment to buy Curve DAO Token.

Technical Levels

Major support: $0.689

Major resistance: $1.037

Conclusion

On the daily time frame, the token is now facing strong resistance at the 200 EMA. The RSI signal is indicating bullish strength, but it needs to be seen whether the token can break above the 200 EMA and sustain it. Investors are advised not to buy right now and to wait for a clear indication before buying.

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing