Curve Finance Price Prediction: CRV DeFi Dominance Surges As Breakdown To $1 Beckons

By John Isige
Published September 21, 2020 Updated September 21, 2020
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CRV/USD price chart by Tradingview

Curve Finance Price Prediction: CRV DeFi Dominance Surges As Breakdown To $1 Beckons

By John Isige
Published September 21, 2020 Updated September 21, 2020
  • Curve Finance total value of funds locked rise by more than 33% in the last 24 hours to $1
  • 26 billion.
  • CRV/USD awaits a technical breakdown to $1.0, especially if the triangle support caves in.

Curve Finance (CRV) is currently the third-largest decentralized finance (DeFi) token in the cryptocurrency industry by the amount of funds locked in the network. Interestingly, the last 24 hours were particularly yielding for CRV as it added over 33% to the total value of locked funds. At the moment, investors have locked $1.26 billion in the project. CRV trails Aave, which currently has $1.32 billion in locked funds. UniSwap has continued to hit new highs with the value locked rising to $1.94 billion, hence holding tightly in the first spot.

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Despite the attention Curve Finance is getting in terms of uptake in the decentralized ecosystem, the token’s value has continued to dwindle. CRV commenced trading on Binance mid-August. Following the support on the largest cryptocurrency exchange in the world, the token rallied to $25. Unfortunately, the spike to all-time highs was short-lived, with CRV embarking on a gains-trimming exercise.

The downtrend has been unstoppable as various support levels have been rendered unhelpful. CRV tested levels below $2.0 while the upside is limited under a descending trendline. At the time of writing, CRV is doddering at $1.34 amid a bearish building trend.

CRV/USD 4-hour chart

CRV/USD price chart by Tradingview

The 21 Simple Moving Average caps the token’s immediate upside. Curve Finance is also trading within a descending triangle, commonly interpreted as a continuation pattern in technical analysis. They signal that an asset is bound to continue with the previous trend (in this case, downtrend) on breaking a certain level (triangle support). Therefore, if CRV extends the leg below the triangle support, there is a chance the price will test the $1.0 level before recovery comes into the picture.

All technical indicators illustrate a growing bearish momentum, including the Relative Strength Index. The 21 SMA is also under the 50 SMA, somehow suggesting bears will remain in control a while longer.

Curve Finance Intraday Levels

Spot rate: $1.34

Relative change: -0.017

Percentage change: -1.4%

Trend: Bearish

Volatility: Expanding

Read more: 3 Reasons Why DeFi May Have Reached Its Peak

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1116 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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