Curve DAO Token (CRV) touches $0.44 as “slow bleed” continues

• Curve DAO Token ($CRV) price fell to lows of $0.44 on Wednesday as most crypto tokens lost recent gains.
• $CRV price has declined by 17% this past week.
• Analysts point to potential declines to liquidation level below $0.40.

Curve DAO Token price plunged to lows of $0.44 on Wednesday, with bears still in control since the recent exploit on multiple stablepools on Curve. The next price level to watch is $0.4.

Elsewhere, crypto markets are largely uneventful as traders eye directional clarity. Last week’s price massacre has bulls searching for a fresh trigger, even as a significant chunk of attention is on the Federal Reserve’s Jackson Hole summit.

Both bitcoin and ether remain near key levels, while XRP is looking to stabilise above $0.50 after bulls pared all gains seen when price exploded on the Ripple win against the SEC.

Here’s why $CRV price is under downside pressure

Curve DAO Token’s latest price declines come after bulls managed to recover above $0.64 earlier this month. The prior dump had come after the aforementioned exploit. But with efforts to prevent extensive damage taken in the form of OTC sales of $CRV, possible whale dumping has traders anxious.

Much of the jitters are down to price moving closer to a liquidation level after Curve Finance founder Michael Egorov sold 210 million $CRV to help steady the token. The sales were taken at the average price of $0.40, with buyers agreeing to an unenforceable lockup period of six months.

Speculation is that many of the OTC buyers have moved the acquired $CRV to exchanges. If price breaks to $0.40, the next stop could be $0.37, the liquidation level of several $CRV-backed loans that Egorov took.

Crypto trader and analyst Hsaka noted this via a post on X (fka Twitter. He shared a chart showing Curve DAO Token price outlook and noted the DeFi token continues to bleed.

Despite Michs exhaustive efforts, Curve continues to slowly bleed.

Rapidly approaching $0.4
where 210m coins ($85m)
~1/4th the circulating supply
were sold OTC
with "handshake agreement" lockups.

A few sophisticated actors have already moved their coins to CEXs pic.twitter.com/Q3qPDA9IJ7

— Hsaka (@HsakaTrades) August 22, 2023