CRV Technical Analysis: Should You Buy Before Prices Cross $1.50?

Key technical points: 

Past Performance of CRV

As mentioned in our previous analysis, the Symmetrical triangle Breakout rally drives the Curve Dao(CRV) higher above the 100-day SMA. Additionally, the bullish reversal from the $0.55 mark responsible for the bullish breakout of the triangle pattern, accounts for a 144 % jump in the last month. The ongoing bull run challenges the psychological mark of $1.50 in an attempt to reach the $2 mark.

Source- Tradingview

CRV Technical Analysis 

The daily candle in the CRV price chart shows the higher price rejection due to the increased selling pressure above $1.50. Hence, traders hoping to find a bullish trend continuation must wait for a price action confirmation to avoid any traps.

The RSI indicator shows a solid underlying bullishness as the RSI slope sustains a sideways trend in the nearly overbought zone. Furthermore, the 14-day SMA provides bullish support and avoids any major downfall.

With an ongoing uptrend in the bullish histograms, the MACD indicator displays a positive trend in the fast and slow lines. Hence the technical indicator project a high likelihood of an uptrend continuation

In a nutshell, the CRV technical analysis shows symbiosis between the price action analysis and technical indicators promoting the breakout theory of $1.50.

Upcoming Trend

If the supply dump above $1.50 knocks the CRV market value below the 100-day SMA, a downtrend continuation to the psychological mark of $1 seems inevitable. However, the bullish breakout of $1.50 will unleash the trapped bullish Momentum resulting in a price jump to the $2 mark.

Resistance Levels: $1.50 and $2

Support Levels: $1.20 and $1