- Curve DAO suffering from setbacks for the past couple of weeks
- The token observed its last rise in its price in October
- The token is taking a lot of resistance on the charts with multiple pullbacks
Curve DAO Token once held a $60 position, just to fall by over 92% during current times. It is highly underperforming with an ROI of -66.05%. After its launch in January 2020, things never have been better for the currently 79th ranked cryptocurrency. However, if one has to consider its position during an intraday trade, the token looks good to deal with. The market cap of CRV increased by 5.54%, and the trading volume in the 24-hours also saw a rise of 84.89%. The volume/market cap ratio equals 0.3077, for now. The CRV/ETH pair looks better during the intraday trade with a minor ascent of 1.24%.
Considering the major MA lines on the chart, one can find their positions under the current market price. For those who are looking for trading, this can be an opportunity for profit-booking in a short time. For those who are considering a long-term investment, the occurrence of such breakout doesn’t seem to be valuable as the token had such fake bullish tendencies before and went downhill. The dotted line represents an indicator of an external pullback, which means that the price might stay above that level, but the dips after the peaks are inevitable. Also, The EMA lines went below the candles only during breakout peaks, indicating the repetitive pattern of CRV of going under immediately after peaking.
CRV continues to be a risky bet
The MACD level stayed below the zero level for almost a week before getting back up. The stagnance in its price made a belt-like zone where the MACD struggled to indicate a good buying zone. The RSI level also shows a lot of volatility and is shuffling between extremely overbought and oversold zones. However, it suggests a buying period only if the trader is considering a short buy or sell.
Resistance is at $4.475 and $5.315, and support is at $3.425 and $3.902.
Conclusion- Curve DAO has a history of being extremely volatile and uncertain. It has given losses to its long-term holders even though being only a year old project. All the parameters indicate one thing- consider trading this token only for short-term investment. However, investors have been warned of the risks of the market. They should perform analysis and research before investing.
Resistance- $4.475 and $5.315
Support- $3.425 and $3.902