CRV Technical Analysis: Bull Run Struggles At 100-day SMA
Table of contents
Key Technical Points:
Past Performance of CRV
As you mentioned in our previous analysis, CRV price escapes the symmetrical triangle in the daily chart. The breakout rally exceeds the psychological mark of $1 to test the 100-day SMA at $1.50. The bull run accounts for a price jump of 62% in the last week but failed to surpass the opposing SMA.
Source - Tradingview
CRV Technical Analysis
CRV price action shows the daily candle dumping the market value by 5.42%, teasing a tweezer top formation. Hence traders might find a retracement to the psychological mark of $1 as a retest due to increased selling pressure. However, a bullish reversal exceeding the 100-day SMA will result in a price jump to the $2 mark.
The underlying bullishness shows a gradual growth as the RSI slope continues to grow with the support of the 14-day SMA. However, bearish divergence grows between the price jump and RSI jump, teasing a downfall.
However, the MACD indicator shows the fast and slow lines avoiding a downfall as the lines regain the bullish alignment. Hence, the technical indicators represent an increase in selling pressure.
In a nutshell, CRV technical analysis signals a high bearish retracement from the 100-day SMA as the selling pressure grows.
Upcoming Trend
The bullish break out of the opposing SMA will surpass the $1.50 level to reach the psychological mark of $2.
Conversely, the retracement to the $1 seems inevitable as the selling pressure grows.
Resistance Levels: $1.50 and $2
Support Levels: $1.25 and $1