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A market maker automates the management of liquidity for Curve, a decentralized exchange for stablecoins. Curve, launched in January 2020, is now synonymous with the decentralized finance phenomenon and has seen significant growth in the second half of the year. As of August, Curve launched a decentralized autonomous organization (DAO) with the CRV token as its in-house token. In order to connect multiple smart contracts for users' deposited liquidity, the DAO uses Aragon, an Ethereum-based creation tool. Let us look at the technical analysis of CRV.
Past Performance
On September 13, 2021, CRV opened at $2.43. On September 19, 2021, CRV closed at $3.03. Thus, in the past week, the price has decreased by approximately 7%. In the last 24 hours, CRV has traded between $375.50-$416.95.
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CRV Technical Analysis
CRV is trading in a very narrow range for the past few days. In the crypto market, there is a lot of anticipation around CRV. Crypto experts are expecting it to double from here. CRV is forming the same pattern as it formed in January. Therefore, we can expect a pump in the price. As compared to other defi altcoins, CRV is quite undervalued. Let us now look at the reasoning for the same.
MACD and EMA lines are above the zero range, suggesting a buy. However, there is a bearish crossover on the chart, the MACD and EMA lines are rallying closely on the chart, suggesting we might expect a reversal in trend.
The BB is making higher highs and higher lows. Thus, making a bullish pattern. We can expect it to rise after forming a support near current levels. Currently, the selling pressures are pulling the RSI down.
The price broke its downtrend and picked up an upward trajectory. Currently, it is moving sideways.
Day-Ahead and Tomorrow
The price is expected to find support at the FIB level of $2.51. This is a crucial support level. If the price breaks down from this level, it will confirm the bearish trend. However, in the past, CRV has had these shakedowns, and it has always maintained the bullish trend.
On the other hand, the resistance level is at $3.51. A breakout from this level will highlight the next resistance level, which is at $3.92. Traders can take a long position accordingly.