thenewscrypto.com
- Curve DAO Token ($CRV) targets $1 as it breaks out from a falling wedge pattern.
- $CRV price indicates bullishness as it has surged by 15% in the last 24 hours.
Curve DAO Token ($CRV) price break out of the falling wedge pattern suggesting bullish momentum on both daily and weekly timeframes. The price currently retesting the breakout zone and preparing for an upside rally.
$CRV experienced a 15% price increase during the previous 24 hours which made it one of the day’s highest performers. The weekly chart shows $CRV breaking out from a falling wedge pattern after spending two years in consolidation. The price movement indicates a positive reversal potential when it crosses above $1.
The investor sentiment toward $CRV potential upward movement becomes more optimistic based on LunarCrush data. It is expected that price could benefit from $CRV’s growing stablecoin narrative.
Moreover, the social engagement of the Curve DAO Token has also increased. The surge in social metrics suggests increased investors’ interest in $CRV token. And this was witnessed in daily trading volume also as it surged by 64% in the last 24 hours.
Will Curve DAO Token ($CRV) Break Above $1 Mark?
Source: Tradingview
On the daily timeframe, $CRV price is trading in the upward direction breaking above the 50-day EMA ($0.5069) level. However, for a fresh bullish rally price has to break above the 200-day EMA ($0.5513) mark.
Moreover, the MACD indicator is also suggesting bullish as it trading in a bullish zone with a green histogram. On the other hand, RSI is also heading in the upper direction suggesting positive momentum.
If $CRV price successfully sustains above the breakout zone and heads upwards it could reach $1.40, and $2.15 levels in upcoming weeks. However, to attain these target prices has to clear the $0.80 and $0.90 resistance levels.