Will CRV Make Its Way out from this Interesting Channel? -

Curve DAO Token price is trying to escape the descending parallel channel over the daily price chart.
CRV crypto is trading at 20 and 50 EMA meanwhile, preparing for 100 and 200-days Daily Moving Average.
The pair of CRV/BTC is at 0.0000575 BTC with an intraday gain of 4.22%.

On the daily price chart, the price of the Curve DAO Token has been dropping via a parallel downward channel. The token first made an effort to benefit from the strength of the rally and surged in the direction of the upper trendline, but it was unsuccessful and it returned to the channel. For the CRV currency to exit the parallel declining channel, buyers are necessary. The CRV currency is trying to break out above the upper trendline of the parallel channel once again, and CRV bulls seem to be fairly determined to do so. This indicates that the CRV currency may be preparing to break out of its channel.

The current estimated price of the Curve DAO token is $1.16, and in the past 24 hours, it has gained 5.66% of its market capitalization. The intraday trading session saw a 2.78% 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 0.1773.

The price of the CRV coin has to obtain support from buyers in order to move above the upper trendline and signify the breakout of the token. The volume change, however, is below average and must rise in order for the CRV to indicate its breakout. CRV bulls must amass themselves in the meantime to demonstrate that the token has crossed the daily price chart. Meanwhile, CRV crypto is trading at 20 and 50 EMA meanwhile, preparing for 100 and 200-days Daily Moving Average.

This Technical Indicator suggests the Upcoming Bullish Rally for CRV!

Before the CRV coin enters its recovery phase, bulls need to build up. The token is currently getting ready to leave the parallel channel. Determining whether CRV cryptocurrency can draw bullish support by predicting a substantial increase in buying over the daily chart will take some time. Technical indicators show how strongly the CRV currency has been rallying.

The CRV coin’s relative strength index demonstrates the strength of its ascent. The daily chart’s RSI is at 50 and is about to highlight any directional change. The CRV coin’s upward momentum is visible on MACD. After a positive crossover, the MACD line is higher than the signal line.

Conclusion

On the daily price chart, the price of the Curve DAO Token has been dropping via a parallel downward channel. The token first made an effort to benefit from the strength of the rally and surged in the direction of the upper trendline, but it was unsuccessful and it returned to the channel. For the CRV currency to exit the parallel declining channel, buyers are necessary. The volume change, however, is below average and must rise in order for the CRV to indicate its breakout. Technical indicators show how strongly the CRV currency has been rallying. The CRV coin’s upward momentum is visible on MACD. After a positive crossover, the MACD line is higher than the signal line.

Technical Levels

Support Levels: $1.00 and $0.95

Resistance Levels: $1.25 and $1.50

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