When investors redirected their attention to decentralized finance (DeFi) platforms the day before, the price of the Curve DAO Token reached its highest level in more than a month. On Tuesday, the CRV token reached a high of $1.3926, its highest level since June 1st. The news about investors shifting to blue-chip DeFi tokens like CRV has increased the adoption of Curve DAO tokens and boosted their price.
Curve Dao Token Price Review
CRV is currently trading at $1.28 with a 24-hour trading volume of $320 million. Curve DAO Token has increased by 3.26% in the last 24 hours while it pumps over 40% in the last 7-days. With a live market cap of $685 million, CoinMarketCap currently ranks #66. There are 537,372,111 CRV coins in circulation, with a maximum supply of 3,303,030,299 CRV coins. The Curve DAO’s price closed at $1.2648 after hitting a high of $1.3771 and a low of $1.2614.
The coin price seems to have started an uptrend after a slight downtrend in the past week. The current Curve DAO price has experienced an 8.08% daily positive change and is increasing by a 0.0950 margin today. Furthermore, the recent positive momentum in the Defi token market following news of the Ethereum blockchain’s transition date release significantly pushed CRV/USD prices higher on Tuesday.
Curve Dao, with a total value of $7.105 billion, is one of the leading smart contract platforms. It has a close relationship with the second largest cryptocurrency, ETH. With the increased value of ETH, the price momentum of CRV/USD has also increased this week.
Merge – Ethereum blockchain’s Transition Date Release September 19
The Ethereum Foundation’s Tim Beiko predicted that the Merge – Ethereum’s long-awaited move to a new design – would take place the week of September 19. With the Merge, Ethereum will transition from the energy-intensive proof-of-work (PoW) consensus process pioneered by Bitcoin to a more efficient proof-of-stake (PoS) system.
In addition to reducing network energy consumption by 99.95%, some proponents of proof-of-stake claim that switching techniques will improve security and scaling.
Weaker US Dollar Continues to Underpin CRV/USD
Aside from that, the US Dollar Index, which measures the value of the greenback against a basket of six major currencies, fell on Tuesday, pushing CRV/USD prices higher. The US dollar, which surged last week due to global economic uncertainty and interest rate hikes by central banks worldwide, was under pressure on Tuesday. CRV/USD remained strong for the day as DXY fell below 106.59. Meanwhile, there have been no significant updates to the Curve DAO protocol in recent months.
On the other hand, the rising price of the underlying token is related to market and trend variables such as a shift in investor sentiment in favor of less risky solutions such as liquidity provision and stablecoin staking. The project moves around a lot because it keeps people updated on new money, Curve Wars, and the creation of new pools. The launch of The Citadel DAO was one of the most recent news items that boosted the coin’s value.
CRV/USD Daily Technical Levels
Support Resistance
1.1468 1.4635
0.9530 1.5864
0.8301 1.7802
Pivot Point: 1.2697
Curve DAO Token Technical Outlook
Despite the CRV coin’s strong positive trend, the CRV/USD pair is trading slightly bearish throughout the European session. The CRV/USD pair failed to break beyond the significant resistance level of $1.3870. The CRV/USD currency has established an upward channel in the 4-hour timeframe, supporting the CRV purchasing trend. This increasing trend is expected to support the CRV/USD coin near $1.1944.
The immediate support for the CRV/USD is at $1.1944, which is being extended by the triple top pattern breached on July 18; it is acting as a support. If the CRV/USD price falls below this level, it will be vulnerable to support levels of $1.1000 and $1.011. On the upside, the Curve Dao token may face immediate resistance near 1.3480. A bullish breakout of the 1.3480 barrier might push CRV prices to $1.4635 and $1.5865. Good luck!
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Source: https://insidebitcoins.com/news/curve-dao-token-crv-boosts-40-in-7-days-merge-to-take-place-on-september-19