CRV Technical Analysis: Will CRV Prices Rise Above $1.50?
Table of contents
Key Technical Points:
Past Performance of CRV
As predicted in our previous article, the CRV prices beat the then opposing 100-day SMA to reach the resistance trendline slightly above the $1.50 mark. After that, however, the buyers lose trend control due to the increased supply pressure at the psychological mark of $1.50.
This bearish turnaround tests the support trendline and accounts for an 18% price fall last week. But the recent lower price rejection candles near the support trendline and the 100-day SMA projects a high possibility of a bull cycle.
Source - Tradingview
CRV Technical Analysis
As the CRV price trend prepares for a bull cycle, the spike in intraday trading volume reflects an increased bullish commitment. However, a candle closing below the support trendline will initiate a bearish downfall.
With the bear cycle clinging to the 100-day SMA, the bullish influence grows over the 50-day SMS resulting in a positive turnaround.
The RSI slope is exhibiting its sideways movement within the overbought zone, which indicates a weakness in the underlying bullishness. Furthermore, the MACD indicator shows the fast and slow lines with increasing intensity of the negative MACD histograms. Hence the technical indicators maintain a neutral viewpoint for the upcoming trend.
In a nutshell, the CRV technical analysis shows a bullish reversal possibility from the support trendline.
Upcoming Trend
If the Curve Dao prices take a bullish reversal from the support trendline, the Bull Run might exceed $1.50 to reach the resistance trendline close to $1.65.
Conversely, a bearish downfall below the support trendline might reach the bottom support at $1.
Resistance Levels: $1.50 and $1.65
Support Levels: $1.20 and $1