- The price of the CRV crypto has witnessed a decline of 55% in the last 30 days.
- Curve Dao token;s annual inflation rate is very high.
The Curve DAO Token serves as the governance token for Curve Finance, incentivizing liquidity providers and enabling governance participation. It offers voting, staking, and boosting functionalities, with rewards distributed to veCRV holders.
Curve Finance, founded by Michael Egorov, is an automated market maker protocol emphasizing low fees and slippage-minimized token swapping.
The market cap of the Curve DAO token has witnessed a decline of 2.04% in the last 24 hours. Following this, the trading volume of the crypto has also seen a drop of 32.7%.
The market cap token of the Curve DAO is $513.221M, and the market cap ranking of the crypto is #132. Also, the value of the crypto traded volume is $44.012M, followed by a volume/market cap ratio of 8.65%.
The circulating supply of the crypto is 1.189B CRV, which is 36.01% of the maximum supply of the token. Furthermore, the total supply of the crypto is 2.105B CRV, and the maximum supply of the token is 3.303B CRV. Also, the fully diluted market cap is $1.426B, and the circulating supply market cap of the crypto is $512.382M.
The total value locked for the Curve DEX token is $1.941B, and the staked value of the crypto is $331.43M. Also, the token’s liquidity is $35.13M, and the annualized fees of the crypto is $104.31M, followed by an annualized revenue of $13.63M.
Curve DAO Token Derivatives Analysis
Looking at the charts of Coinglass, it can be seen that the open interest of the crypto has been consistently declining over the last few weeks. Also, looking at the previous 24 hours, the open interest has witnessed a decline of 8.85%.
The trading volume of crypto derivatives has declined by 48.5% in the last 24 hours. Traded volume’s value for the CRV crypto is $98.85M. The long liquidation recorded for the crypto is worth $83.58K, against which the short liquidation is worth just $136.68.
Price Vs Total Open Interest
The price of the Curve DAO token has declined to significant lows, following which total open interest in the crypto is also consistently declining. The current open interest value of the crypto is $30.77M, which has declined from much higher values.
CRV Crypto Technical Analysis
The price of the CRV token is trading inside a declining wedge pattern and has declined to the lower band of the wedge pattern. The candlestick patterns have formed strong bearish candlesticks on the chart, which shows that the crypto price might continue to decline to lower levels.
CRV/USD Chart by TradingView
On the daily chart of the CRV token, the 50-day and the 200-day EMAs have formed a death cross on the chart. The price of the crypto further has declined below the following EMAs.
The MACD indicator further supports the decline in the trading price of the crypto as the MACD and the signal line have declined below the zero level.
The RSI has also dropped to the oversold zones from the overbought zone, which indicates that the momentum cycle of the RSI has become bearish.
Summary
The CRV crypto is facing a bearish trend, evidenced by a 55% decline in the last 30 days. Its high annual inflation rate adds to the downward pressure. Despite being a governance token for Curve Finance, declining open interest and trading volume indicate seller dominance, which is reflected in technical indicators showing further potential declines.
Technical Levels:
- Support Levels: $0.1200 and $0.1500
- Resistance Levels: $1.30 and $2.350
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.