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Over the past five weeks, the CRV/USDT pair ascended in response to a rising channel pattern. However, last week’s sell-off in the crypto market provoked a minor correction which retested the ascending support trendline. Previously a retest to this support trendline has triggered a 40-60% rally, offering another pullback opportunity to interest traders.
Key points:
- The CRV price may face intense supply pressure at the $1.56 resistance
- The RSI slopes show an evident bearish divergence
- The intraday trading volume in the CRV token is $281.5 Million, indicating a 14.49% drop.
Source-Tradingview
As mentioned in our previous CRV price analysis, the altcoin reverted from the combined resistance of the pattern’s trendline and $1.5 to $1.55 supply zone. As a result, this bear cycle within the pattern plunged the coin price 20% lower, hitting the rising support trendline.
Over the past three days, the CRV chart shows lower price rejection candles at trendline support, indicating the buyers have acquired suitable footing to enforce the bullish momentum further. Furthermore, the coin price jumped 12.5% higher from the last swing low($1.08) and currently trades at the $1.36 mark.
Thus, until this pattern remains intact, the holders may keep an optimistic view of Curve Dao(CRV). Therefore, if the coin price sustains above this flipped support, the potential bull cycle will drive the CRV price 24% higher, hitting the resistance trendline.
However, in theory, the pattern should eventually trigger a breakdown from the support trendline, initiating a deeper price correction. Thus, If the buyers fail to reclaim the previous swing, high resistance of $1.55 and altcoin is likely to revert and breach the ascending trendline.
Technical analysis
RSI indicator: the daily-RSI slope took a lateral shift despite a new higher high formation in price action, signals weakness in bullish momentum. Thus, this momentum indicator’s divergence strongly indicates a potential correction.
Bollinger band indicator: the CRV price receives dynamic support from the indicator midline, assisting bulls in maintaining this recovery. Thus, losing support would give additional confirmation to short sellers.
- Resistance levels- $1.56, and $1.89
- Support levels- $1.3 and 1.08
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