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Vikram
Aug 29, 2022
by Vikram

CRV Technical Analysis: Prices Sustaining Above $1 Light Hope Of A Bullish Reversal

CRV Technical Analysis
CRV price plummets after reaching the 50-day EMA to test the $1 support level. But, will buyers regain trend control this time at the psychological mark?

With CRV prices breaking the support trendline in the recent bearish movement, it tests the buyers at $1. However, the RSI indicator shows a bullish trend, neglecting the sharp downfall. So, should you consider buying this dip?

Key Points: 

  • The CRV price action showcases a bullish failure to exceed the 50-day SMA.

  • The bearish retracement undermines the previous bull cycle.

  • With a market cap of $529 Billion, the intraday trading volume of Curve Dao has decreased by 11% to reach $89.5 Million.

    • TradingView Chart

    Source- TradingView

    CRV Technical Analysis 

    Curve Dao(CRV) prices fell with a surge in the selling momentum after the recent hawkish comment of Powell. As a result, the buyers failed at the confluence of the 50 and 20-day EMA, resulting in a 10.73% fall, creating a bearish engulfing candle in the daily chart.

    Currently, the falling prices rest at the long-coming support trendline, which shows a bullish trend in the RSI indicator. Furthermore, the daily candle taking a Doji shape supports the possibility of a bullish reversal with a morning star pattern.

    At press time, the CRV market value shows a 6.15% decline, but the sustenance above the support trendline avoids further downfall.

    If the support trendline fails to control the selling spree breaks this weekend, the CRV prices may drop to the $0.84 mark. However, the bullish reversal helping the prices sustain above $1 can result in a 20% jump to $1.20.

    Technical Indicators 

    The daily-RSI slope shows a sharp reversal from the 14-day SMA within the nearly oversold zone. However, the last two dips maintain the higher low formation reflecting a bullish trend, increasing the reversal possibility.

    However, the MACD indicator shows a declining trend continuing in the fast and slow lines after the failed bullish crossover attempt. Hence, the risk of CRV prices plummeting under the support trendline sustains.

    Resistance Levels: $1.20 and $1.50

    Support Levels: $1 and $0.84

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    CRV Technical Analysis: Prices Sustaining Above $1 Light Hope Of A Bullish Reversal
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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