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The on-chain intelligence platform Kaiko revealed in a post on X (Twitter) yesterday that the collective volume for Curve DAO (CRV) plummeted over the past 2 weeks. According to the post, CRV’s volume dropped from its latest daily high of $300 million to just $7 million on 7 September 2023. Furthermore, the majority of this volume took place on centralized exchanges, noted Kaiko.
📈#CRV volume has fallen from a recent daily high of $300mn to just $7mn on September 7, nearly all of which took place on centralized exchanges. pic.twitter.com/ZIcMpwcZ9O
— Kaiko (@KaikoData) September 12, 2023
Meanwhile, from a technical perspective, CRV’s price broke below a key support level over the past 24 hours. During this period, the altcoin’s price lost the support of the $0.3975 mark, where it continued to trade at press time.
If CRV is unable to close a daily candle back above this significant price point within the upcoming 48 hours, then it may be at risk of plummeting to the next crucial level at $0.3240 over the following week. This will constitute around a 17% drop from the altcoin’s current value.
However, CRV closing a daily candle above $0.3240 in the following 48 hours may invalidate this bearish thesis. In this scenario, CRV’s price may attempt a recovery to back above the $0.4515 threshold. Thereafter, continued bullish momentum could even elevate the cryptocurrency’s price to $0.5140 as well.
Investors and traders will want to take note of the fact that a significant bearish technical flag was on the verge of being triggered on CRV’s daily chart. At press time, the daily MACD line was attempting to cross below the MACD Signal line.
Should these 2 technical indicators cross, it will signal that momentum has temporarily shifted in favor of sellers. This may then be followed by CRV’s price continuing to decline in the subsequent couple of days.
Meanwhile, CoinMarketCap indicated that CRV was trading closer to its daily low of $0.3895 than its 24-hour peak of $0.4172. This was after the altcoin suffered a 4.45% loss throughout the past day of trading. As a result, CRV’s price stood at $0.3937 at press time.
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