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A V-shaped recovery in Curve Dao coin price offsets the recent breakdown from the $0.534 monthly support. This fake breakdown scenario brought more buying orders into the market by forced liquidating the trapped short sellers. However, the ongoing rally may soon retest the four-month-long resistance trendline to replenish the bear momentum. Is it safe to hold?
Key points:
- A daily candle closing above the $0.535 level will accelerate the bullish momentum
- The trendline breakout is needed to establish a sustained uptrend.
- The intraday trading volume in the CRV token is $162 Million, indicating a 46% loss.
Source- Tradingview
Under the influence of a downsloping trendline, the Curve Dao coin price has witnessed a steady downfall over the past four months. Furthermore, the several reversals from this dynamic resistance indicate the sellers are actively selling at this trendline.
Amid the FTX-crypto exchange crash, the CRV coin faced its last correction from the overhead trendline, leading a 6.68% fall to reach the $4 mark. However, the altcoin witnessed a sudden surge in buying pressure, which pushed the prices 82.4%. in the last three days.
This perpendicular growth sets a bullish upswing back to resistance trendline, offering a relief rally for the coin holders. Moreover, the rising price backed by reducing volume indicates the current bull run is temporary.
Anyhow, the Curve Dao price currently trades at $0.681 mark and breached a horizontal resistance of $0.534. This breakout should accelerate the bullish and prolong the ongoing recovery. Thus, with sustained buying, the altcoin should rise more than 30% to hit the overhead trendline.
However, if the overall market remained bearish the Curve Dao coin price will have a high possibility for another reversal.
Thus, the sidelined buyers waiting for a long entry opportunity should surpass the resistance trendline.
Technical analysis
RSI: The daily-RSI slope jump above the neutral indicates the improving market sentiment.
EMAs: the downsloping crucial EMAs(20, 50, and 100) adventures an established downtrend anprovidees dynamic resistance against a bullish pullback.
Curve Dao Coin Intraday level
- Spot price: $0.681
- Trend: Bearish ok
- Volatility: High
- Resistance levels- $0.8and $1.02
- Support levels- $0.688 and $0.534
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