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Vikram
Jul 8, 2022
by Vikram

CRV Technical Analysis: Trendline Keeps CRV Prices At A Needle-Point

CRV Technical Analysis

Table of contents

  1. Past Performance of CRV
  2. CRV Technical Analysis 
  3. Upcoming Trend
CRV price jumps more than 50% last week to reach the resistance trendline of the falling wedge pattern, increasing the likelihood of a breakout. 

Key technical points: 

  • CRV prices have jumped by 8.41% in the last 24 hours.

  • The price action shows the bull cycle challenging the resistance trendline.

  • The 24-hour trading volume of Curve Dao is $168 Million, indicating a drop of 8.01%.

    • Past Performance of CRV

    Starting the bullish journey from $0.55 the CRV market price has increased dramatically over the past month. The price action shows a rounding bottom pattern break out with the neckline at $0.84. The Breakout rally reaches the overhead resistance trendline of the falling wedge pattern formed in the daily chart.

    TradingView Chart

    Source- Tradingview

    CRV Technical Analysis 

    With a price of 50% over the last week, bearishness in today's candle brings the market price drop by 2.25%. The rejection comes from the resistance trendline and increases the likelihood of a bearish continuation within the price pattern. If the bearish rally within the price pattern gains momentum we can see a drop in market price by 18% to test the bottom support at $0.84 in the next week.

    Supporting the price action analysis, the MACD and RSI indicators display an increase in the underlying bullishness which increases the likelihood of a bullish breakout. However, the volume indicator showcases a decrease in trading volume during the Bull Run which projects a  higher likelihood of a bearish continuation within the pattern.

    Upcoming Trend

    If the prices surpass the resistance trend line we can see a  price jump to the psychological barrier at $1.50. In the unlikely event of a $0.84  fallout the possibility of the support trendline failing to relaunch the Bull cycle increases. Hence traders hoping to ride the bullish Breakout rally must wait for a price action confirmation to avoid any traps.

    Resistance Levels:  $1.06 and $1.50

    Support Levels:$0.84 and $0.55

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    CRV Technical Analysis: Trendline Keeps CRV Prices At A Needle-Point
    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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