Responding to the symmetrical triangle pattern, the Curve DAO(CRV) token rebounded from the $2.7 support level. The new bull cycle is charging towards the overhead resistance at the $2.74 mark. However, the interested traders should wait for the trendline breakout to confirm a genuine bull rally.
Key points:
- The CRV price presents a bullish engulfing candle at $2.1 support.
- The CRV buyers may face a confluence of several technical resistances at $2.7
- The intraday trading volume in the CRV token is $438.7 Million, indicating a 142% gain.
Source-Tradingview
The previous bear cycle initiated from the $3 mark tumbled the CRV/USDT pair by 28.5% to the $2.1 support. The coin price retested this support several times amid recent uncertainty in the crypto market.
However, on April 22nd, the CRV price witnessed a significant inflow, triggering a 14% price jump. The long green candle has engulfed the past two weeks of price action, releasing the trapped bullish momentum.
Moreover, the CRV chart reveals a symmetrical triangle pattern formation in the daily time frame chart. The pattern’s resistance trendline coincided with the $2.7 resistance marking the next significant supply zone for buyers.
The rising price may soon retest this shared resistance attempting a bullish breakout. If buyers succeed, the altcoin will pump 34.2% higher to hit $3.7.
However, this triangle possesses a duel side breakout possibility, and a fallout from the bottom support line may sink the price back to March bottom support of $1.9
Technical analysis
The VI lines diminish the bearish spread and forecast a potential bullish crossover in the Vortex indicator. It will indicate a buying entry spot if the things go as per bullish planning.
Moreover, the bullish jump surpasses the 50-day SMA and heads higher to the 100-day SMA, which fell drastically after crossing below the 200-day SMA. Hence, the ongoing trend could reach the 100-day SMA potentially.
- Resistance levels- $10, $13.2
- Support levels- $8.75 and $7
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/crv-price-prediction-the-bullish-offshoot-fuels-crv-price-to-2-7/