Altcoins

Bear Trap Triggers Recovery Opportunity for Curve Dao Coin(CRV)

crv

Published 4 hours ago

With a massive surge in volume, the Curve dao coin price bounced back from $0.4 psychological support. However, this sudden bullish reversal reclaimed a recently breached $0.534 mark, offering buyers additional support to lead a price recovery. How far the bullish rally is likely to go?

Key points:

  • A daily candle closing above the $0.535 level would bolster further price growth
  • The overhead EMAs(20, 50, and 100) could offer multiple resistance against a potential rally.
  • The intraday trading volume in the CRV token is $629.5 Million, indicating a 1000.5% gain.

Curve dao coin priceSource- Tradingview 

Following the recent bloodbath in crypto markets caused by the FTX crypto exchange crash, the Curve dao coin price witnessed an intense sell-off and plunged to the June bottom support of $0.535. However, with sustained selling in the crypto market, the altcoin couldn’t sustain this support, leading to further breakdown.

On November 20th, the CRV price breached $0.535 support, indicating the sellers are confident about reaching lower levels. However, the altcoin witnessed a sudden bullish reversal after hitting the $0.4 mark, driving the price above the breached support.

The Curve dao coin price currently trades at $0.6, with an intraday gain of 21%. As per the reports, this sharp price jump was backed by a short squeeze from crypto whales. Thus, these whales exiting their short position must have increased the buying orders in the market.

Moreover, the coin price rising above the recently breached $0.535 support indicates a fake breakdown scenario. Furthermore, this price rally may force liquate more short sellers by hitting their stop loss.

Therefore, the CRV price may surge 14% higher with sustained buying and reach the $0.685 resistance.

Technical analysis

RSI: The daily RSI slope reverted from the neckline of the oversold region, indicating that the aggressive selling is stabilizing. 

EMAs: the downsloping crucial EMAs(20, 50, and 100) highlight an established downtrend. Moreover, the rising price may soon hit 20-day EMA, providing additional selling pressure.

Curve Dao Coin Intraday level

  • Spot price: $0.6
  • Trend: Bullish
  • Volatility: High,
  • Resistance levels- $0.685 and  $0.8
  • Support levels- $0.535 and $0.4

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Close Story

Source link

Leave a Comment