Will CRV Price Bounce Back from $0.47?

Curve DAO Token forecast indicates a long bearish trend continuing till now. The bears are not in the mood to shift their control over the trend.

In the previous months, the bulls tried multiple times to rebound and break above the key moving averages but failed in their attempt. The buying interest in the buyers is looking low and that’s why the price is heading in the downward direction.

The price of the Curve DAO (USD: CRV) crypto shows signs of weakness, losing the gains it made below the key moving averages. 

CRV crypto had a brief breakout above the key moving averages, but it was short-lived as the price was pushed down by the sellers. The buyers failed to maintain the bullish momentum and started to exit their positions, resulting in a decrease in the price.

The Curve DAO crypto has been in a downward trend for the past months, forming lower highs and lower low patterns. It is facing rejections from the upper trendline, which prevents it from breaking out of the trend.

The price action indicates that the Curve DAO crypto has been under selling pressure, and the buyers have been inactive. On the other hand, the bears have a strong advantage and continue to make short positions.

At the moment, the CRV crypto was trading at $0.47856984 with an intraday minor loss of 2.50% breaking below the key EMAs, showing bearishness on the charts. Furthermore, the intraday trading volume is 35.59 Million. The market cap of CRV crypto is 527.11 Billion.

Over the span of a week, the CRV crypto has experienced an increase of approximately 0.21%. This weakness has been seen in the course of a month also, decreasing around 7.47%. Looking back over a three-month period, the CRV crypto has dropped by about 15.87%, while the decline extends to around 21.57% over the last six months. Furthermore, the crypto’s performance throughout the year has been lackluster, with a year-to-date slump of approximately 20.87%.

Technical Analysis of Curve DAO Crypto Price in 1-D Timeframe

The Curve DAO crypto is currently trading below the 50-day and 200-day EMAs, which are providing support to the price trend. Furthermore, if selling pressure increases, the price could break below these EMAs and move lower.

The RSI indicator is currently at 46.48, which is in the neutral zone. However, the 14-day SMA is above the RSI curve, which is a bearish signal.

The MACD indicator is also indicating bearish signals with the MACD line crossing below the signal line. It showcases that the Curve DAO crypto is likely to continue to fall in the near future.

Overall, the technical indicators indicate that the Curve DAO crypto is bearish in the long term. However, if it can maintain this level, it could bounce again.

Summary

Curve DAO (USD: CRV) technical oscillators support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the CRV crypto price. The Curve DAO Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action mirrors a negative outlook at the moment.

Technical Levels

Support Level: $0.43825998.

Resistance Level: $52109472.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

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.