- CRV underwent a bearish trend since its last attempt to reach a weekly high
- The token fell by 23.6% in this week, making its worst week of November yet
- Curve DAO token also saw a rise in its trading volume of 24 hours by almost two-fold
Curve DAO token has lost all of its hopes to get back into the bullish bandwagon. The token lost its value by almost $1.5 this week alone. Statistics suggest that the continuous fallings are going to cause damage to CRV’s prospects. The market cap went down by 14.64%, rounding off at $1.45 billion. The trading volume of CRV saw a rise of 94.6% during the intraday session. The rise in its volume is an indicator of panic-selling going on in the market. The 86th ranked token with a market dominance of 0.06%is currently has a volume/market ratio of 0.2174.
Since its fall started on November Nine, the token never stayed above the EMA lines for a greater amount of time. The 30-minute time interval chart above shows us that the token’s performance has degraded and any minute crash can also destroy the stability of CRV in the market. The lines are currently running above the current price candle and pointing downwards. It shows the fragility of the token and the bearish trend is now inevitable. The formation of an inverted cup and handle pattern strengthens the notion of an incoming bearish momentum.
CRV to stay out of the ‘safe tokens to invest’ options for some time
After looking at the 4-hour time frame chart, one can say that the token gained a good amount of momentum and performed better than earlier. But by the end of October, CRV faced price rejection and is now influenced by the recent bearish market updates. The MACD is now deep under the zero level, and overcoming the divergence seems to be an impossible task at the moment. Hence, the MACD suggests only no buy/only sell period. The RSI issues a warning after the token went into the oversold zone and plans on staying over there. The RSI also indicates the weakening of this cryptocurrency.
Curve DAO Token is going to face resistance at $4.387 and may find support at $3.
Conclusion- Curve DAO Token is under the radar of the bears and the situation seems to be delicate for the token. One should refrain from making any trade as the market has become quite volatile. However, one can perform analyses and conduct research before any trade and draw conclusions.
Resistance- $4.387
Support- $3