- Curve DAO token has declined by 30% this month so far.
- CRV sentiment is bearish but RSI has generated a golden crossover with the RSI-based moving average.
CRV price has consolidated in a parallel channel for a year. At the beginning of March, the Curve DAO Token price triggered a breakout from the channel but didn’t sustain and turned into a fake breakout. The fake breakout led to a strong selling pressure of 71% in 100 days.
Recently, the CRV price has triggered a breakdown from the parallel channel and lost around 42% in a week. The price recorded an all-time low of $0.219 on June 16, 2024, and gained bullish momentum. However, the price is struggling below the opening of the mother candle which shows the bears’ involvement.
At press time, the Curve DAO Token price was $0.333 reflecting neutral momentum over the last 24 hours. The market capitalization is $419.69 Million and the 24-hour trading volume is $205.67 Million.
CRV Price Slips Below the Major Support Level; Will it Aquire Liquidity or Fall?
On a daily time frame, the CRV price looks bearish, it is currently near an all-time low. A major support level of $0.400 has been breached and the price has dropped by 40% in a few days.
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The price has attempted to exceed the 20-day EMA but sellers were strong enough and gained bearish momentum. If the price sustains below the $0.400 mark, strong selling pressure could be observed and it may fall, recording new all-time lows.
Alternatively, if the digital asset price bounces back over the $0.400 mark, buyers might become confident. The sellers might get trapped below the major support level which may result in strong buying pressure and approach the resistance level of $0.700.
Turning to the technical indicators, CRV is trading below the key moving averages indicating a bearish forecast.
Whales Showing Interest After Liquidation?
Whales buy the dip after the $CRV liquidation!
In the past 2 days, 4 wallets withdrew 42.4M $CRV($14.9M) from #Binance. pic.twitter.com/gl9QHUfyvj
— Lookonchain (@lookonchain) June 19, 2024
A source in X claims that whales are going long after the liquidation below the $0.400 mark. According to the chart structure, the buyers at the $0.400 level have been trapped and bulls have shown interest. RSI has developed a golden crossover which is a sign of a bullish momentum.
Conclusion
Considering the current bearish trend and the breach of the major support level of $0.400, it seems that sellers are dominating the market. If the price continues to stay below $0.400, we can anticipate further selling pressure and the possibility of new all-time lows. On the other hand, a rebound above $0.400 might encourage buyers to step in and could result in increased buying pressure. Technical indicators also support a bearish forecast as the price is trading below key moving averages.
Technical Levels
Curve DAO Token price is about to face resistance from the $0.400 and $0.700 marks. The price might take support on the $0.260 and an imaginary support level of $0.100.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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