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The Curve Dao(CRV) has been walking a sideways trend for nearly four months. A cup and handle pattern forms on the weekly time frame chart, reinforcing a bullish reversal sentiment among market participants. However, the supply zone at $1.22 resistance restricted the buyers’ growth and could keep the trend control in the seller’s hands.
Key points from CRV analysis:
- The CRV price needs to have a $1.22 breakout to reinforce the bullish pattern formation
- The coin price is under bearish threat as the 20 EMA of the weekly chart is close enough to trigger another downfall
- The intraday trading volume in the CRV token is $135.1 Million, indicating a 121% gain.
Source- Tradingview
The CRV/USDT pair is currently going through the handle portion of the pattern and should push the prices higher to rechallenge the $1.5-$1.55 neckline resistance. So far, the handle portion was supported from the $1 psychological level and surged 23% up to a mid-resistance level of $1.22.
However, the low volume activity during this recovery and long-wick rejection in weekly chart charts indicates weakness in buyer’s commitment.
Daily Chart Hints Bearish Reversal From $1.22 Resistance
Source- Tradingview
The daily chart accentuates the supply pressure at $1.22 resistance, as the CRV price has been rejected several times from this level. Early today, the coin was 4% up with strong support from volume activity; however, the sellers eventually reverted the prices lower to reflect a high price rejection candle.
This rejection hints at another reversal from the $1.22 level, which may assist sellers in pulling the altcoin back to the $1 mark. A daily candlestick closing below this support will offset the bullish pattern mentioned above and prolong the current price correction.
As a result, the CRV price may drop to the following support levels $0.86, $0.68, or June bottom support of $0.55.
Though it seems the sellers have the upper hand, a bullish breakout from $1.2 will regain a ray of hope for buyers. Later the price may respond to the cup and handle pattern and attempt to surpass the $1.55 barrier.
Doing so will complete the price pattern and the accelerated bullish momentum that could surge the prices to the $2 mark.
Technical analysis
Relative Strength Index: A daily-RSI slope jumped just above the midline(50%), indicating the traders feel optimistic about this coin.
EMAs(weekly): the technical chart shows the CRV price has reverted from the downsloping 20 EMA over the past seven months. Thus, this dynamic resistance puts formidable barriers against buyers to initiating a recovery rally.
CRV Price Intraday Levels
- Spot rate: $1.168
- Trend: Sideways
- Volatility: Low
- Resistance levels- $1.23, and $1.44
- Support levels- $1.22 and $1.5
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