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With CRV prices making an bearish candlestick after 10% of overnight fall, the CRV prices revert back to the support trendline. Moreover, the RSI indicator shows a bullish trend in motion, neglecting the sharp overnight fall. So, should you consider buying this dip?
Key Points from CRV analysis:
- The CRV price action showcases a bullish failure to exceed the 50-day SMA.
- The medicine gulping candle undermines the bullish reversal of this week.
- With a market cap of $544 Billion, the intraday trading volume of Curve Dao has decreased by 17% to reach $116 Million.
Source- TradingView
Curve Dao(CRV) prices fell with a surge in the selling momentum after the recent hawkish comment of Powell. As a result, the buyers failed at the confluence of the 50 and 20-day EMA, resulting in a 10.73% fall, creating a bearish engulfing candle in the daily chart.
Currently, the falling prices rest at the long-coming support trendline, which shows a bullish trend in the RSI indicator. Furthermore, the daily candle taking a Doji shape supports the possibility of a bullish reversal with a morning star pattern.
At press time, the CRV market value shows a 6.15% decline, but the sustenance above the support trendline avoids further downfall.
If the support trendline fails to control the selling spree breaks this weekend, the CRV prices may drop to the $0.84 mark. However, the bullish reversal helping the prices sustain above $1 can result in a 20% jump to $1.20.
Technical Indicators
The daily-RSI slope shows a sharp reversal from the 14-day SMA within the nearly oversold zone. However, the last two dips maintain the higher low formation reflecting a bullish trend which increases the reversal possibility.
However, the MACD indicator shows a declining trend continuing in the fast and slow lines after the failed bullish crossover attempt. Hence, the risk of CRV prices plummeting under the support trendline sustains.
- Resistance Levels: $1.20 and $1.50
- Support Levels: $1 and $0.84
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