The CRV token initiated its recovery rally from mid-December 2021. The token started to rally again and eventually gave birth to the cup and handle pattern. Recently the price has managed to breach the $6 neckline of this bullish pattern, indicating the token is ready to test the higher levels.
Curve DAO Key technical points:
- The daily RSI line displays minor bearish divergence
- The 24-hour trading volume in the Curve Dao token is $915.5 Million, indicating a 13.3% loss.
Previously when we covered an article on Curve Dao token on December 23rd, the technical chart indicated the rising underlying bullishness in this token as it was preparing to knock out another significant resistance of $5.
The token price gave a daily candle closing above the resistance level and continued its rally to the previous higher high of $6. However, before surpassing the psychological level, the pair had to attend a minor pullback, which found demand near $4.7.
The crucial EMAs(20, 50, 100, and 200) have again aligned in favor of bulls. These EMA levels can act as potential support during the occasional corrections.
The daily Relative Strength Index (66) supports a bullish sentiment regarding this token. However, a slight bearish divergence in its chart gives more reason to be cautious.
Traditional Pivot Level Hints Possible Supply Level For CRV Token
This lower time frame chart simplifies this whole correction and recovery act by displaying a cup and handle pattern. On January 1st, the CRV price gave a decisive breakout from the same $6 neckline resistance indicating even more potential for the token.
The pair performed one day retest to check for sufficient demand, and today with a strong follow-up candle, it is trading at the $6.4 mark, with an intraday gain of 6.3%.
The traditional pivot levels showed great confluence with the known levels of the price action. The crypto can use this indicator to get a slight hint for the possible resistance levels above.
The traditional pivot level suggest;
Resistance- $6.7(R1), $8.1(R2)
Support- $4.7(P), $3.31(S1)
- Ripple Objects To SECs Request To Buy More Time Following Recent Court Ruling
- OpenSea’s Meteoric Rise May Trigger An Ethereum Crash, Here’s Why
- Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?