- Curve DAO Token price prediction reveals that the price recently made a V-shaped recovery.
- CRV price reported a year-to-date profit of 50.95%
- Curve DAO Token is traveling in a downward channel.
Curve DAO Token’s (CRV) price prediction highlights that the market is following a downtrend since February 2023. The CRV token jumped 150% from its swing low to the price of $1.303 at the start of the year 202. It was followed by a decline of 55% to the price of $0.565 before getting a recovery. Since then, the bulls have recovered the price by 43% to its current market price.
At the time of writing, the current market price of CRV crypto is $0.793. The 24-hour trading volume fell by 28.23%. The market is down by 1.96% in the last 24 hours. The overall market cap of CRV tokens is $688,444,571.
Can Curve DAO Token Break the Downward Channel?
Source: CRV/USDT 1D Chart by TradingView
Curve DAO Token’s (CRV) price prediction reveals that the price moves in a downward channel and recently bounced from the lower trendline, making its way to the upper trendline. The CRV price flipped the 9 and 15 EMAs to the upside, but it is still below the 200 EMA, which signals that the trend remains bearish.
The volume has attracted the buyer’s interest, and the price made a v-shaped recovery after dipping below the support of $0.649. At present, the price is at the resistance level of $0.804, which the bulls are trying hard to break through. A breakout of resistance will also contribute to the breakout of the downward channel, which may push the price up in the short term.
The Price is getting Close to The Resistance.
Source: CRV/USDT by TradingView
According to the 4-chart, the price made a series of higher highs and higher lows, which concludes that the CRV token has been in a bullish trend for the past few days. The price is moving up while bouncing from an ascending trendline, which has become a significant support in the short term.
Meanwhile, CRV crypto is losing volume as the price moves up. This divergence is hinting at a possible reversal unless the buyers break the resistance. A breakdown will drag the CRV price down to its lower support level and create a panic situation in the market. Such a market structure can be interpreted as a bear flag, and a breakdown will invite the bears to push the price lower.
RSI: The RSI indicator is currently at 56.84. The RSI has made a bearish crossover with the MA, the price may consolidate but a sharp fall may happen if the RSI goes below 50
MACD: MACD made a bullish crossover. However, the MACD and signal Line above the 0 line. This means the market may correct or consolidate but the trend might change if the indicator crosses the 0 line.
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support and the prices may continue to move up until the price breaks below the indicator
Conclusion:
Curve DAO Token’s (CRV) price prediction highlights that the market is following a downtrend since February 2023. The market made a bullish recovery in June 2023. Since the price is moving in a downward channel, it’s best to wait for a breakout to the upside to consider buying. Investors are advised to navigate the volatility with proper risk management
Technical Levels
- The nearest support level: $0.649
- The nearest resistance level: $0.822
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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