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Today, the Curve Dao (CRV) recovery rally attempted to knock out another resistance of $1.5. However, the intense supply pressure undermined the buyers’ effort, suggesting the altcoin needed another pullback before it reclaimed this level. but how far would this retracement go?
Key points:
- The CRV price is currently grappling with a $1.5 hurdle
- The 20-and-50-day EMA provides a bullish crossover
- The intraday trading volume in the CRV token is $396.6 Million, indicating a 23.6% drop.
Source- Tradingview
The CRV/USDT technical chart showcased a V-shaped recovery rally in the daily time frame chart. This bull run accounted for a 160% gain as the coin price hit the monthly resistance of the $1.5 mark.
Throughout this rally, the CRV buyers have breached multiple in-between resistances, suggesting a stained bullish recovery. Furthermore, earlier today, the altcoin displayed a nearly 10% gain and attempted another leg up with the breakout of $1.5 resistance.
However, the exhausted buyers couldn’t hold above this level for long, resulting in a long-wick rejection candle. If the selling pressure persists and the CRV price gives a candlestick closing below the $1.5 mark, the altcoin may witness another correction.
The expected retracement may retest to $1.29 or $1 support before rallying again. Moreover, a bullish crossover between the 20-and-50-day EMA near the $1 mark suggests strong support and better positioned to continue the prevailing recovery.
On a contrary note, a breakdown from the $1 support would indicate the weakness in bullish commitment and may plunge the CRV price to $0.862.
Technical analysis
Vortex indicator: A significant gap between the VI+ and VI- slopes under bullish alignment accentuates a genuine bull run. However, the indicator slopes show bearish divergence concerning the last three higher highs, bolstering the pullback theory.
ADX indicator: the ADX slope rising along with CRV price highlights growth in bullish momentum
- Resistance levels- $0.1.3, and $0.1.52
- Support levels- $1 and 0.86
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