CRV Technical Analysis: CRV Crashes With Range Breakout 

The CRV price action shows a bearish engulfing candle with a 13% fall, leading to a bearish breakout of a consolidation range in the daily chart. Furthermore, the spike in trading volume reflects a rise in the selling spree. So, will the breakout rally decrease Curve Dao market value to the $0.55 mark?

Key Points:

Source-Tradingview

CRV Technical Analysis

The CRV price action displayed a consolidation range in the daily chart between the $1 and the $1.18 mark, ranging for over a month. However, the recent bear cycle starting after reversing from the 50-day EMA breaks the consolidation range. 

The increase in selling pressure last weekend broke the psychological mark of $1, which may further prolong the downtrend after the retest. 

The bearish breakdown of the demand level finds bearish commitment with a spike in the intraday trading volume. Hence, the volume analysis reflects a stronger bearish side.

The post-retest downfall will allow sellers to pull the CRV prices to cross under $0.84 to fuel the downtrend. Potentially, the downtrend can show a 37.5% fall to hit the June low support of $0.55.

On the flip side, if the retest phase fails to sustain above the breached support of $1, the buyers will attempt to reclaim the $1.25 milestone.

Technical Indicator

The RSI slope dives deeper into bearish territory, indicating the negative sentient rising among the market sentiment. Moreover, the MACD and signal lines reflect a sell signal with a bearish crossover below the midline mark. 

Therefore, the technical indicators accentuate a rise in selling pressure. As a result, the CRV technical analysis bolsters the continuation of the prevailing downtrend.

Resistance levels- $1 and $1.18

Support levels-  $0.84 and $0.55