CRV Technical Analysis: Are Curve Dao Prices Ready To Explode?
Table of contents
Key technical points:
Past Performance of CRV
As mentioned in our previous analysis, the CRV price action remains trapped within a symmetrical triangle pattern. Within the triangle, the prices retrace from the resistance trendline to crack below the psychological mark of $1 before taking support at $0.84. Furthermore, the price action shows a high possibility of a Morning Star pattern forming at $0.84 to rechallenge the resistance trendline.
Source- Tradingview
CRV Technical Analysis
During the CRV price bull run in the early days of July 2022, we saw a spike in the intraday trading volumes. However, the recent bearish retracement lacks the bearish commitment as the volume trend dips sharply. This increases the likelihood of a bullish reversal from the $0.84 support level.
The MACD indicator shows the fast and slow line saturating near the zero line leading to a lateral trend. This increases the likelihood of a bearish crossover. In addition, the falling trend in the positive histograms supports the idea of a bearish crossover. However, a positive retracement within the triangle will nullify any crossover events.
The RSI indicator shows a sudden increase in the underlying bearishness as it dips below the 14-Day SMA. However, the slope finds support and attempts to reclaim the halfway line. Furthermore, the vortex indicator displays the VI lines are trapped in a lateral movement but maintain a positive alignment.
In a nutshell, CRV technical analysis indicates a solid underlying bullishness which can result in an upside breakout of the triangle if the buying pressure increases from $0.84.
Upcoming Trend
If the bullish reversal from $0.84 surpasses the resistance trend line and the psychological mark of $1, traders can expect a bullish breakout rally to reach $1.5. However, a retracement from $1.08 to retest the broken trendline is very much likely. Conversely, a bearish break out of the symmetrical triangle will drastically drop the CRV market value to test the bottom support at $0.55.
Resistance Levels: $1.08 and $1.50
Support Levels: $0.85 and $0.55