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The Curve dao coin price showed a steady downfall over the past five months. From the high of $1.6, this downfall tumbled the prices 66% down to currently trade at the $0.53 mark. However, the daily technical chart reveals this downtrend as the formation of a falling channel pattern. This pattern is identified as when the price action is falling within two parallel walking trendlines displaying an established downtrend. Though this technical setup seems to carry a strong downfall in theory it provides an excellent buying opportunity upon the breakout of its resistance trendline?
Key points:
- The parallel channel pattern govern the ongoing downtrend in Curve dao coin
- A bullish RSI divergence hint upcoming bullish reversal
- The intraday trading volume in the CRV token is $30.6 Million, indicating a 1
5% gain.
Source- Tradingview
The CRV price has reversed from both the trendline barriers several times indicating the traders are respecting the channel pattern, and should do the same for it’s potential target. Amid the ongoing uncertainty in the crypto market, the Curve Dao coin price is hovering above the local support of $0.5 for past two weeks.
If the buyers manage to sustain above the $0.5 support, the price may rise 30% to challenge the pattern’s overhead trendline. Furthermore, a potential bullish breakout from the overhead trendline will signal the start of a fresh recovery rally. This breakout may bolster buyers to drive the prices 88% up to hit $1
However, in ideal condition, this Curve dao coin should reach the higher peak of this pattern which is $1.5.
Conversely, a daily candle closing below the $0.5 support will tumble the coin by 20% and prolong the downtrend for a few more trading Sessions.
Technical analysis
RSI: despite a sideways movement in Curve dao coin, the daily-RSI slope rising indicates the rising buying pressure. This bullish divergence increases the possibility of price recovery.
EMAs: the downsloping crucial EMAs(20, 50, and 100) seems to provide excellent dynamic resistance to falling CRV price. Each of these EMA slopes will act as a significant resistance indicating the potential rally.
Curve Dao Coin Intraday Level
- Spot price: $0.6
- Trend: Bullish
- Volatility: High,
- Resistance levels- $0.544 and $0.76
- Support levels- $0.5 and $0.4
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