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CRV Technical Analysis: Will CRV Buyers Hold The Fort At $1?

Analytics

cryptoknowmics.com 19 August 2022 08:07, UTC
  
Reading time: ~2 m

The CRV price action shows the channel fallout rally with increased bearish momentum testing the $1 mark. So, will the downtrend break under $1?

Key Technical Points:

  • The Curve Dao price has dropped by 25% in the last five days.
  • The daily candle struggles to sustain above the psychological mark of $1.
  • With a market cap of $575 million, the intraday trading volume of Curve Dao has decreased by 17.35% to reach $132 million.

Past Performance of CRV

As mentioned in our previous analysis, the CRV prices break below the support trendline of the rising channel pattern resulting in a bearish trend. Moreover, the fallout rally accounts for a 25% drop last week to challenge the buyers at the psychological mark of $1. The price action displays a streak of bearish candles with higher price rejection and a surge in trading volume, reflecting increased selling pressure. TradingView Chart Source - Tradingview

CRV Technical Analysis

The CRV price action shows a high likelihood of downtrend continuation below the psychological mark of $1 as selling pressure increases. Hence, sideline traders can expect a short-term selling opportunity once the $1 support level falls. As the Curve Dao market price falls below all the crucial EMAs in the daily chart, the bearish trend in the EMAs regains momentum. The daily RSI slope maintains the downtrend below the halfway line, ready to cross below the oversold boundary. Moreover, the MACD indicator displays a boom in selling pressure as the bearish histograms gain momentum. Additionally, the fast and slow lines maintain the declining trend with an increase in the bearish gap. Hence the technical indicators maintain a bearish bias for the upcoming trend. In brief, the CRV technical analysis projects a high likelihood of a downtrend continuation below the psychological mark of $1.0.

Upcoming Trend

CRV price trend remains on the high bearish pressure increasing the possibility of a downfall to the next support level of $0.84. However, if the market value sustains above the $1.0 mark, a bullish trend might challenge the sellers at $1.50. Resistance Levels: $1.25 and $1.50 Support Levels: $0.84 and $0.55


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