Falling CRV Price Break $0.68 Support; is $0.5 Next?

The Curve Dao(CRV) price witnessed an aggressive sell-off by escaping through the consolidation phase shaped as a symmetrical triangle pattern. This downfall tumbled the altcoin by 44% and reached its current trading price of $0.661. Furthermore, a recent fallout from the $0.685 support threatens more pain for CRV holders

Key points:

• The daily RSI slope plunged into the oversold region
• Eight consecutive red candles in the daily time frame chart register a $45% in CRV price
• The intraday trading volume in the CRV token is $217.9 Million, indicating a 65% gain.

Source-Tradingview 

Following the April-May Sell-off, the crypto market witnessed uncertainty among the coin traders. The CRV/USDT pair responded to this indecisiveness by forming a symmetrical triangle pattern.

This consolidation phase within the continuation pattern allowed traders to stabilize from the prior bloodbath and bolster further price movement. Thus, on June 8th, the CRV price breached the pattern’s support trendline suggesting the resumption of the prevailing downtrend.

The pattern fallout accelerated the trapped selling momentum and plunged the CRV price below $1, $0.82, and the $0.685 support level just today. Thus, if the selling pressure persists and sustains below $0.685, the sellers could pull the price 21.5% lower to the $0.5 psychological level.

Conversely, if CRV buyers revert the altcoin and give a candle closing above the $0.65 mark, the traders may witness a temporary pullback to the $11 mark before moving down again.

Technical analysis

RSI indicator- The daily RSI slope nosedive into the oversold region indicates the sellers may have overextended on their part, which supports the pullback theory.

EMAs- However, the increased gap between the downsloping EMAs(20, 50, 100, and 200) highlights aggressive selling in the market and suggests the potential pullback could face multiple resistance ahead.

• Resistance levels- $0.685, and $0.83
• Support levels- $0.5 and $0.355