Curve DAO Token Price Prediction: Can CRV Break Out To $1.30?

• Curve DAO Token price prediction reveals that the price made a bullish recovery of 56% from its swing low.
• CRV token has shown a year-to-date growth of 57.82%.
• Curve DAO Token price is getting close to breaking a descending channel which is the key to a reversal.

Curve DAO Token’s (CRV) price prediction points to the bullish recovery of the market, which succeeded after a massive sell-off in February 2023. The market started correcting after the price made a bullish rally of 157% at the start of 2023. The CRV token price was rejected from the resistance of $1.30, which invited the bears to drag the price down by 56.33% to the support of $0.565. Amidst the selling pressure, the bulls managed to pull the CRV crypto price from the bear’s grips and make a recovery of 44% so far.

At the time of writing, the current market price of CRV coin is $0.821. The 24-hour trading volume fell by 3.86%. The market is down by 2.29% in the last 24 hours. The overall market cap of CRV tokens is $713,505,992

Can Curve DAO Token Break the Descending Channel?

Curve DAO Token’s (CRV) price prediction showcases the formation of a descending channel pattern. The price kept declining while making a series of lower lows and lower highs. A breach below the support of $0.804 triggered panic selling, which fueled the bearish momentum, and prices started to drop quickly.

The bulls came to the rescue at the support level of $0.565 and aggressively bought the dip. The month of June 2023 has seen a decent recovery, which got extended this month. The CRV token price has managed to close above the resistance of $0.804. The market got a rejection from the 200 EMA, which is a significant supply level.

How Far Can This Recovery Last?

The 4-hour chart reveals that the price has been moving in a bullish market structure for the last month. The CRV crypto price flipped the 200 EMA, which signifies bullish sentiments. The price is moving in an ascending channel on its way up. The market has reached the upper trendline of the descending channel, which is significant resistance.

If the Bulls manage to break out of the descending channel, the market sentiments will flip bullish, and the price may start its bullish rally of 53% to the target price of $1.30. However, the volume is declining with the rise in price. An ascending channel in a downtrend can be interpreted as a bear flag. Investors need to be careful if the CRV coin breaks below the channel. This will create selling pressure, and the market may start to fall again.

RSI: The RSI indicator is currently at 51.54 This is a condition of a bullish to sideways momentum. The market may consolidate until the RSI crosses 70

MACD: MACD is making a bearish crossover above the 0 line. This indicates that the market may witness a correction but the prices won’t fall aggressively until the indicator goes below the 0 line.

200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.

Conclusion:

Curve DAO Token’s (CRV) price prediction points to the bullish recovery of the market, which succeeded after a massive sell-off since February 2023. The market has been in a recovery mode since the past month but it has reached a major resistance level. As of now, it would be wise to wait for the price to perform a breakout of the descending channel. The market is highly volatile and it would be best to have a solid trading plan with a good risk-management strategy

Technical Levels

• The nearest support level: $0.804
• The nearest resistance level: $0.873

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.