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CRV Technical Analysis: Bull Cycle Teases 20% Hike in CRV Prices

source-logo  cryptoknowmics.com 06 August 2022 11:53, UTC

The CRV prices show a bull cycle starting within the expanding channel teasing a 20% jump to the resistance trendline close to $1.75.

Key Technical Points:

  • Curve Dao (CRV) prices show a bullish candle formed last night with an 8.55% jump initiating a bull cycle from the support trendline.
  • The bull cycle undermines the previous higher price rejection candles reflecting an improvement in the bullish sentiments.
  • With a market cap of $735 million, the intraday trading volume of Curve Dao has increased by 17% to reach $207 million.

Past Performance of CRV

The CRV price action shows a bearish turnaround from the $1.50 mark resulting in a 17% drop to the supporting trendline of the expanding channel. However, the support from the 100-day SMA and the trendline reignites the bull cycle with an 8.55% jump last night, resulting in a bullish engulfing candle. The price jump undermines the higher price rejection candles formed over the week. TradingView Chart Source - Tradingview

CRV Technical Analysis

The restarting bull run in CRV prices faces the $1.50 opposition evident by the bearish influence over the daily candle. Hence, traders hoping for a bull run continuation must wait for a daily candle to close above the $1.50 mark. Furthermore, the bullish influence growing over the 50 and 100-day SMAs reflects a potential crossover event. The RSI slope shows a sideways trend in the nearly overbought zone close to the 14-day SMA, maintaining an overall bullish viewpoint. Furthermore, the MACD indicator shows a sideways trend in the fast and slow lines with a minimum bearish spread. Hence, the technical indicators showcase a weakness in the underlying bullishness, questioning the $1.5 breakout. In a nutshell, the CRV technical analysis suggests the traders should wait for a candle to close above the $1.50 mark.

Upcoming Trend

If the CRV price breaks above the $1.50 mark, an uptrend continuation to the $1.75 mark, close to the resistance trendline seems likely. However, a bearish reversal might breach the support trendline to reach the $1.08 horizontal level. Resistance Levels: $1.51 and $1.75 Support Levels: $1.20 and $1.08

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