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The Curve DAO token (CRV) is consolidating around $1.10 after a bullish Cup and Handle pattern formed on the daily chart. The technical pattern usually signals a continuation of an uptrend and implies that bulls will remain in control for the near future. The Curve DAO Token is trading at $1.10 after retesting the support level at $1.00 set at the beginning of the year.
The previous resistance has shifted to the support level, thus creating a higher low and suggesting that the price is trying to find its footing after a slow start this month. The technical indicators are backing up the bullish viewpoint as both the short and long-term moving averages have crossed over and the RSI is climbing above 65.
The bulls have their sights set on the key resistance level at $1.20, which is also the current peak for this asset and has remained intact since December 2022. The price action during the next few days will determine whether or not bulls can break past this level as a successful break out could open the door to even higher levels.
On the downside, if prices fail to break above $1.20, then the support level of $1.00 will be retested and could mark the end of this bullish trend for now. Nevertheless, long-term investor sentiment for the Curve DAO token remains strong as more investors are entering the market despite the recent decline in the trading volume. Curve DAO’s trading volume currently stands at $136,028,633, down by over 29% while the market cap remains at $769,702,294.
Looking at the price action on the daily chart, the CRV/USD pair formed a bullish Cup and Handle pattern which is signaling a continuation of the uptrend. The pair has already broken past the resistance level of $1.10 and is targeting $1.20 as the next point of resistance. If bulls can break through this level, then we could see prices surge to even higher levels in the near future.
The Cup and Handle pattern formed on the daily chart was formed after the prices retested the $1.0 support level but failed to break below it.
Therefore, the bullish momentum is likely to continue in the coming days as long as prices remain above the $1.00 support level. The RSI indicator is also pointing towards a continuation of the uptrend as it has crossed past 65 and is currently trading at 68 while the MACD histogram is rising steadily and suggesting that momentum is building for a possible break out above $1.20.
Looking at the momentum indicators, there is a strong possibility that bulls could break past the key resistance of $1.20 in the near future and prices could hit even higher levels if this happens. The current support level of $1.00 has been established and must hold for bulls to remain in control. However, any pullback now will be heavily resisted at this level, with the price remaining above the 200 and 50-day moving average, suggesting that bulls are firmly in control.
Looking at the CRV/USD price analysis on a 4-hour chart, the price action is forming a symmetrical triangle pattern that is signaling a continuation of the uptrend. The pair has already broken past the upper trend line and currently trading at $1.15, just below the resistance level of $1.20 which could become the next target for bulls if they can maintain their dominance in the market in the near future.
Overall, the technical outlook for Curve DAO Token looks bullish and prices could surge above $1.20 in the near future if bulls can maintain their dominance in the market. The support level of $1.00 is well established and any pullback will be heavily resisted at this level.
The momentum indicators are also backing up the bullish viewpoint as both the MACD and RSI indicators have crossed into positive territory, suggesting that more gains could come in the near future.
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