Covenant x402
hi
Pearl
Quantus
Pudgy Penguins
Boomer
Lighter
- CURVE DAO/USDT gained 27% in the last 10 days
- CURVE DAO/USDT is down 45% from the resistance level of $1.30.
CURVE DAO is trading at $0.691. The price is up 2.55% in the last 24H. The 24H trading volume saw a fall of 4.54%. The Total Market Cap is $592,252,084
CURVE DAO prices in turmoil since February. The market fell under bear grips after the Bulls failed to break $1.30. The sell-off pushed the prices down by almost 45%. Price is trading 21% below the 200 EMA. The Bulls managed a swift recovery of almost 25% from the recent swing-low. The price is traveling in a descending channel.
A descending channel can Flip the trend to upside.
The Daily Chart is displaying a bearish market structure as the prices create lower lows. The Price is traveling in a descending channel and it can become an opportunity for the Bulls to flip the market sentiments. The price took a bounce from a key support level of $0.55.
The moderate recovery looks like that The Bulls are not willing to let the prices slip further. However, this can be a pullback in this downtrend and prices can test lower levels. In such a case, CRV Coin can get support at $0.529 and $0.407. On the flipside if the Bulls break the channel, the market is expected to surge by almost 45% to the target of $1.
The 4h Chart Shows a short term uptrend
On the 4H Chart, price follows a minor uptrend. CRV created a higher high while heading towards the upper trendline of the channel. The 200 EMA aligns with the upper trendline which marks its significance. The Bulls are getting ready for a breakout as the prices close in at the resistance.
CRV is taking support on an ascending trendline. This could lead to formation of a Bear flag and it is a common pattern in a strong downtrend. If the prices break this trendline, the market should get ready for a further downfall. Investors should wait for a strong breakout with good volume to secure a position for the upside.
RSI: The RSI indicator is currently at 58.30 on the 4H and the RSI made a bearish crossover with the MA. This indicates sideways conditions
MACD: The MACD indicator has made a bearish crossover but the indicator is above 0.
The market will stay more biased towards the bullish side as long as the indicator is above the 0 line.
200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Conclusion:
CURVE DAO is in a strong downtrend. CRV is bouncing in a descending channel. The breakout of this channel can help the token recover to $1. The market can get highly volatile in the short-term and Investors with Low-risk appetite must remain cautious while maintaining a proper risk management plan. The low prices are attracting investors as the upside potential is very good. The overall trend is still bearish and one cannot ignore the probability of further downside.
Technical levels
Support Levels: $0.55 – Support 1
$0.40 – Support 2
Current Price: $0.69
Resistance Levels: $0.76- Resistance 1
$0.82 – Resistance 2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
