CRV Technical Analysis: Fallout Rally Challenges 100-day SMA
Table of contents
Key Technical Points:
Past Performance of CRV
As warned in our previous analysis, the CRV prices reverse from the psychological mark of $1.50 to break below the support trendline. In addition, the overnight drop of 9.68% in Curve Dao prices resulted in an Evening Star pattern and closed below the support trend line. However, the lower price reduction in the breakout candle and the follow-through candle projects the possibility of a bullish reversal from the 100-day SMA.
Source - Tradingview
CRV Technical Analysis
The CRV technical chart displays the market price struggling to sustain above the $1.25 mark avoiding a drop to the $1.08 mark. However, the breakout rally may gain bearish momentum with the fall out of the 100-day SMA. As the Curve Dao market price falls, the possibility of a bullish crossover between the 50 and 100-day SMA decreases.
The daily-RSI slope approaches the halfway line after falling below the 14-day average line. Hence the technical indicators display a phenomenal increase in the underlying bearishness. Moreover, the MACD indicator displays an increase in the bearish spread between the fast and slow lines continuing a declining trend to reach the zero line.
In summary, the CRV technical analysis projects a high likelihood of a downward trend continuing as the selling pressure increases.
Upcoming Trend
The CRV technical analysis forecasts a downtrend to the psychological mark of $1.08, breaking below the 100-day SMA.
However, a bullish reversal from the psychological mark of $1.08 might retest the broken support trendline.
Resistance Levels: $0.38 and $0.43
Support Levels: $0.35 and $0.30