CRV Technical Analysis: Will The Consolidating CRV Prices Fall To $0.84?

The CRV price chart shows a consolidation range about the psychological mark of $1 with the overhead assistance of $1.18 and the 50-day EMA. However, the recent bearish engulfing candle projects the possibility of a downfall below the crucial support of $1.0. So, should you consider booking profits before the buyers lose control of the crucial support level?

Key Points:

Source - TradingView

CRV Technical Analysis

The CRV prices take support at the psychological mark of $1.0 after a 30% downfall in August, leading to a sideways trend under the 50-day EMA. The consultation range shows a failed double bottom and double top pattern. Also, the recent bearish engulfing candle reflects an increase in the underlying selling pressure.

The increase in intraday trading volumes supports the bearish engulfing candle. Therefore, it increases the downtrend possibility below the psychological mark of $1.0. However, the traders must wait for a price action confirmation before taking a bearish position, as the RSI indicator displays a bullish divergence.

If the intraday candle closes below $1.0, CRV prices will drop by 16% to $0.84 seems inevitable. Nevertheless, a bullish reversal may further continue the consolidation range this month, with a jump to the overhead distance of $1.18.

Technical Indicators

Relative Strength Index: The daily-RSI slope shows the bullish divergence within the past two dips reflecting an increased possibility of a bullish turnaround.

MACD: The fast and slow lines give a bullish crossover but struggle to maintain the alignment as the selling pressure increases with the recent bearish candle.

Resistance Levels - $1.18 and $1.30

Support Levels - $1 and $0.84