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Vikram
Jul 2, 2022

CRV Technical Analysis: Recovery CRV Prices Prepare A 30% Jump

CRV Technical Analysis
CRV price action showcases a rise in bullish trend momentum under the $1 mark increasing the 20-day EMA breakout possibility.

Key technical points:

  • The CRV price action shows a daily candle attempting to cross above the 20-day EMA.
  • The price action shows a high likelihood of a price jump to $1.
  • The 24-hour trading volume of Curve Dao Token is $125 Million, indicating a rise of 25%.
  • Past Performance of CRV

    The long-term trend of CRV's downtrend price has reversed to $0.55 to contest the resistance from the 20-day EMA. The bearish trend has led to an 80% drop in the market price of CRV from $2.6 to the lowest of $0.54 in two months. However, buyers try to get back into the trend and test this 20-day EMA.

    TradingView Chart

    Source- Tradingview

    CRV Technical Analysis 

    The downward trend in the CRV price action creates a resistance trendline on the daily technical chart. However, the latest bullish movement starting at the $0.70 mark is against the 20-day EMA and the resistance level at $0.85. Therefore, a bullish breakout of the $0.85 mark may trigger an actual recovery rally.

    The active opposition from the 20-day EMA is a significantly bearish factor, keeping the growing bullish trend contained for most of 2022. Thus, traders may see the EMA breakout triggers a dramatic price increase. The DI lines display a growing upward trend as the lines have a shrinking spread of bearishness to regain the bullish alignment. Therefore, the DMI indicator could soon signal a trend reversal, thus increasing the probability of a breakout.

    Upcoming Trend

    In the current market, despite a confluence of bearish forces, CRV Prices could soar until they reach the psychological threshold of $1. After that, the breakout rally will be able to test the 50-day EMA close to $1, with an increased probability of a long-term uptrend, reaching $1.40 upon breakout.

    In contrast, if the buyers fail to take down the pressure to sell imposed by the 20-day EMA, A drop to $0.54 is unavoidable.

    Resistance Levels: $0.85 and $1

    Support Levels: $0.64 and $0.54

    CRV Technical Analysis: Recovery CRV Prices Prepare A 30% Jump
    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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