CRV Technical Analysis: On The Verge Of Total Collapse
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Therefore, investing in CRV cryptocurrency at current prices is quite dangerous, as there is a high probability that the price will fall to $1.94. This is the first serious liquidity zone from which a new growth wave can begin. Though, even if the $3.6 range is taken under control, the trend of buyers will not be restored. It will become weaker and after the local growth wave with the target of $6, the global correction will still begin. The exception is if during February we see a strong growth impulse on high volumes.
Technical Analysis Of CRV On The Daily Timeframe
How long will buyers be motivated to try to control the $3.6 mark? In our opinion, as long as the $2.78 mark is under their control, a sharp CRV price fall wave will not happen. On the daily timeframe, you can see that this mark has saved buyers three times since December 2021. Therefore, the loss of control over this mark intensifies local panic in the market and a big sale with the first target of $1.94. Trading volumes have fallen significantly since February and sellers have stopped putting a lot of pressure on the price.
Thus, if buyers want to try to organize a counterattack - now is the best time. But, in our opinion, the CRV price has spent little time in consolidation, so that buyers can gather large positions to bounce up. That's why, the best case scenario for a CRV now is a set of positions in the range of $2.78 with a breakdown target of $3.6.
The CRVBTC Price Fell Sharply On Reduced Volumes
An interesting anomaly can be seen in the CRVBTC market. In the weekly timeframes, we see a sharp collapse in the price of CRVBTC by 50%. At the same time, starting from December 2021, trading volumes have been systematically declining. That is, buyers did not even try to resist during the fall of the CRV market. Until we see an increase in trading - buying this cryptocurrency is quite dangerous.