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CRV Price Prediction: The Curve DAO token price moving sideways is actively responding to horizontal resistance of $1.045 and a rising support trendline. This consolidating phase within the aforementioned level showcases the formation of an ascending triangle pattern in the daily time frame. Here’s how this pattern can accelerate the buying pressure in the CRV price and lead to a significant bull recovery in the future.
Key Points:
- The formation of an ascending triangle suggests that buyers are becoming more confident to reclaim lost grounds
- Selling pressure at the $1.05 neckline resistance indicates the traders may witness a prolonged consolidation phase
- The intraday trading volume in Curve DAO is $90 Million, indicating a 79% gain
cSource- Tradingview
Over the last six weeks, the Curve DAO price has been resonating between the two key levels of the ascending triangle pattern. In theory, the horizontal resistance level represents a price point at which sellers have historically been more aggressive, leading to a temporary pause in the upward movement of the price. On the other hand, the ascending trendline shows that buyers are becoming increasingly willing to buy the asset at higher prices, leading to higher lows and bullish sentiment.
As of now, the Curve DAO price trades at $1.024, and its struggle to surpass the $1.05 neckline indicates the seller continues to defend a higher price. As a result, the CRV price is likely to witness another correction which may plunge it by 7% to retest the lower support trendline.
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However, until the pattern is intact, the buyers hold the upper hand which may soon lead to a $1.05 breakout. This potential breakout will intensify the buying pressure and push the prices 22% higher to hit $1.3.
Conversely, a breakdown below the support trendline will undermine the bullish thesis.
Technical Indicator
RSI: Unlike the CRV price action, the daily-RSI slope is already in an uptrend projecting increasing bullish sentiment and a higher possibility for a $1.05 breakout.
EMAs: the flattish daily EMAs(20, 50, 100, and 200) reflect an overall sideways trend putting the prices moving above and giving an edge to long buyers.
Curve DAO Intraday Price Levels
- Spot price: $1.025
- Trend: Bullish
- Volatility: High
- Resistance level- $1.05and $1.16
- Support level- $0.87 and $0.8
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