CRV Technical Analysis: Bull Cycle Teases 20% Hike in CRV Prices
Table of contents
Key Technical Points:
Past Performance of CRV
The CRV price action shows a bearish turnaround from the $1.50 mark resulting in a 17% drop to the supporting trendline of the expanding channel. However, the support from the 100-day SMA and the trendline reignites the bull cycle with an 8.55% jump last night, resulting in a bullish engulfing candle. The price jump undermines the higher price rejection candles formed over the week.
Source - Tradingview
CRV Technical Analysis
The restarting bull run in CRV prices faces the $1.50 opposition evident by the bearish influence over the daily candle. Hence, traders hoping for a bull run continuation must wait for a daily candle to close above the $1.50 mark.
Furthermore, the bullish influence growing over the 50 and 100-day SMAs reflects a potential crossover event.
The RSI slope shows a sideways trend in the nearly overbought zone close to the 14-day SMA, maintaining an overall bullish viewpoint. Furthermore, the MACD indicator shows a sideways trend in the fast and slow lines with a minimum bearish spread. Hence, the technical indicators showcase a weakness in the underlying bullishness, questioning the $1.5 breakout.
In a nutshell, the CRV technical analysis suggests the traders should wait for a candle to close above the $1.50 mark.
Upcoming Trend
If the CRV price breaks above the $1.50 mark, an uptrend continuation to the $1.75 mark, close to the resistance trendline seems likely.
However, a bearish reversal might breach the support trendline to reach the $1.08 horizontal level.
Resistance Levels: $1.51 and $1.75
Support Levels: $1.20 and $1.08