The cryptocurrency market extended its gains to Thursday, with Bitcoin leading the way and most of the altcoins following suit, boosted by US inflation data. Similarly, most major altcoins extended gains and tested resistance.
Curve DAO token also seems to be in an uptrend. The token at the time of writing is trading at $4.91. Although in the last seven days the altcoin has declined by 19 percent. The token is 90 percent down from its ATH which was set in August 2020 at $54.01.
The bullish picture remains intact for Curve DAO as long as the token is trading above the $3.70 region which is now a crucial support zone. The closest resistance for the token would be at $5.45 and if that level is breached then the coin could target $6 level.
If the bears take over in the short term and if the coin slides below $3.70 then there are chances the coin could target the $3 level.
Will CRV Price Breach These levels?
Popular trader Credibe Crypto remains bullish on one decentralized finance (DeFi) altcoin, although the crypto markets see widespread pullbacks on Monday.
The trader is also optimistic about the Curve DAO Token (CRV), which serves as the governance token for Curve Finance, a decentralized stablecoin exchange.
According to Credible Crypto, the altcoin would face resistance between $5.50 and $6.00. If CRV can break through that level, the analyst believes that during the current bull run, the 78th-ranked crypto asset by market size might soar nearly 10 times to $40.
As for Bitcoin, the analyst says that the price looks good even though the king coin is about 40 percent down from its ATH.
“If my analysis is correct, downside from current levels is limited to about $10,000 max followed by upside of over $60,000+ in the coming months. Don’t miss the forest for the trees.”
Source: https://coinpedia.org/altcoin/crv-price-poised-for-10x-rally-40-looks-imminent/