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The rising channel pattern currently governs the CRV/USDT price action in the daily time frame chart. Moreover, the altcoin has recently rebounded from the pattern’s support trendline, indicating another bull cycle within the pattern. However, the bearish divergence in the RSI indicator reflects weakness in bullish momentum and threatens a possible breakdown.
Key points:
- The bullish reversal from the support trendline may bolster CRV to surpass $1.5
- A breakdown support trendline would invalidate the bullish thesis
- The intraday trading volume in the CRV token is $209 Million, indicating an 8.5% gain.
Source- Tradingview
The bullish reversal in the CRV prices from the $0.54 mark accounts for a price jump of 158% over the last two months. The bull run established the shape of a rising channel pattern in the daily chart and exceeded the 100-day SMA.
However, the supply zone at the $1.55 mark proved to be a crucial bearish milestone keeping the bullish growth in check. However, the recent bull cycle starting from the support confluence of the ascending trendline 20-day EMA and the $1.3 Mark reignites the bullish influence.
Over the past 24 hours, the CRV chart shows a growth of 5.24%, resulting in a bullish engulfing candle. However, the long-wick rejection attached to the daily candle shows overhead supply pressure. Hence, traders hoping to ride the bull cycle must pay serious attention to the candle closing to avoid any early reversal trap.
If the buying pressure sustains above the 100-day EMA, the CRV price will likely overcome the $1.5 supply zone, offering a potential rally to reach the overhead trendline at $1.75.
However, if the buyers fail to undermine the higher price rejection, the downtrend below the support trendline will trigger a counter-trend move and test the crucial demand level of $1.
Technical analysis
Amid a minor price correction, the ADX slope shows a significant drop indicating weak bullish momentum. If the indicator slope could not provide sufficient growth during the post-retracement rally, then the altcoin is plausible for support breakdown.
Conversely, the 20-day EMA providing constant support to CRV price gives additional barriers for buyers to prevent a breakdown. Moreover, a potential bullish crossover from 20-and-50-day EMA should attract more buyers to the market.
- Resistance levels- $1.56, and $1.73
- Support levels- $1.3 and 1.08
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