CRV Technical Analysis: Can Buyers Beat This Opposing SMA?
Table of contents
Key Technical Points:
Past Performance of CRV
As teased in our previous article, the downfall in CRV prices was inevitable after the fall out of the 100-day SMA resulting in a drop to the psychological mark of $1. However, the buyers quickly regained trend control with a Morning Star pattern resulting in a 30% jump, but the buyers are yet to exceed the 100-day SMA. Furthermore, the opposing SMA influences a bearish candle with hopes of undermining the reversal Morning Star pattern.
Source - Tradingview
CRV Technical Analysis
Despite the recent bullish reversal, the CRV prices are yet to regain the support trendline. Moreover, the bearish candle creates an atmosphere of a retest phase and generates fear among the investors.
Currently, the buyers are struggling to beat the sellers at 100-day SMA, as evident by the bearish candle forming in the daily chart. However, in case of a bullish breakout, the uptrend will surpass the broken support trendline and might jump above the overhead resistance of $1.5.
The increased selling pressure due to the support trend line fallout influences a merger between the fast and slow lines of the MACD indicator. However, being a lagging indicator, the fast and slow lines might regain bullish alignment if the prices exceed the 100-day SMA.
The RSI indicator displays a down-trending slope reflecting and increasing the underlying bearishness as it displays divergence in the uptrend.
In a nutshell, the technical indicators maintain a bearish bias despite a positive reversal increasing the likelihood of a downtrend continuation. Hence, the CRV technical analysis supports an overall neutral view suggesting the buyers and sellers wait for a price action confirmation.
Upcoming Trend
If the buying pressure increases over the day, the CRV prices will shoot above the opposing SMA to reach the psychological mark of $1.50.
Conversely, a reversal below the 100-day SMA will result in a downtrend below the $1 mark.
Resistance Levels: $1.30 and $1.50
Support Levels: $1.0 and $0.84