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The Curve Dao(CRV) price stuck within a symmetrical triangle pattern awaits a breakout move. However, this three-week consolidation has limited the trading activity to a minimum, indicating a no-trading zone. A reversal from 20-day EMA within the triangle suggests the price would remain dormant for a few more sessions.
Key points
- The CRV/USDT chart shows a consolidation range in the daily timeframe
- The CRV buyers struggle to reach overhead resistance at $1.50.
- The intraday trading volume in the CRV is $102 Million, indicating a 3.37% fall.
Source- Tradingview
In the last two months, CRV price action showcases a hesitance from the buyers’ side towards the bear cycle, resulting in the 100-day EMA breakout attempts. However, the selling pressure grows and breaks under the psychological mark of $2 to take support at $1.
The downfall accounts for a 60% fall in May as buyers managed to stand their ground in April before the $2 breakout. The mental barrier of $1 helps cushion the bearish spiral, resulting in a lateral shift and a symmetrical triangle pattern formation.
The triangle breakout will unleash a bullish rally to the $2 mark.
Alternatively, the fallout from the triangle pattern and the $1 mark can result in a further continuation of the death spiral and test the $0.75 mark, accounting for a price fall of 25%.
Currently, the bullish failure to reach the overhead resistance supports the fallout theory, but the genuine breakout will hold the final say.
Technical Indicators
Vortex indicator: Multiple crossovers between the VI+ and VI- line accentuates uncertainty in the market. Thus, the traders can consider a triangle pattern as no trading and wait for a price breakout.
EMA: the 20-day EMA resistance puts additional selling pressure on CRV price, encouraging triangle breakdown.
- Resistance levels- $1.5 and $1.85
- Support levels- $1 and $0.83
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