The price of Curve Dao is currently trying to escape from a downward-sloping pattern that has two obstacles: a trendline and a 200-day EMA. The coin’s future direction will depend on whether it can break above or below the pattern. The situation is unclear right now. However, the price increased by 1.84% in the past week, which shows that Curve Dao had a good performance recently.
From its peak price of $15.37, it fell -94.92% in 3 years and demolished the investors’ wealth. The current market sentiments are uncertain. There is no big volume in the coin right now. The price has already been rejected back by the resistance line and taking support on the 50 moving average.
Curve DAO Technical Analysis
EMA: The price of Curve DAO has stuck between 50 and 200 MA with a bearish crossover that shows the influence of sellers in the market. If sellers continue to drag the market down, CRV could suffer more falls and go into a downtrend.
The RSI line has been heading toward the overbought zone. The RSI line is around 54.15. The 14 SMA has a value of 52.96 points. This shows that the Curve DAO token is overbought. However, a significant rise in the CRV price if there’s a breakout in the falling wedge pattern.
Currently, MACD is giving bullish signals. The MACD line at 0.01425 and signal line at 0.00319 is above the zero line, implying that the MACD is in positive territory and is giving bullish signals as of now.
Volume Analysis: The Curve DAO trading volume of 24 hours is $35,109,417 with a -34.40% drop in volume in the past 24 hours. However, the volume has been declining for a long time.
Technical Levels:
- Support – The current support level is $0.566.
- Resistance –The current resistance level is $0.820.
Conclusion
Based on the current data and analysis, it can be inferred that bears and bulls are battling it out. The price action indicates that the investors should wait for proper setup for the next move.
Curve DAO’s price reflects a neutral scenario at the moment. Indicators including EMA, RSI, and MACD are giving bullish signals about the Curve DAO coin. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.
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/2023/07/08/will-curve-dao-crv-break-the-downward-sloping-pattern/