Bear Trap Triggers Recovery Opportunity for Curve Dao Coin(CRV)
With a massive surge in volume, the Curve dao coin price bounced back from $0.4 psychological support. However, this sudden bullish reversal reclaimed a recently breached $0.534 mark, offering buyers additional support to lead a price recovery. How far the bullish rally is likely to go?
Key points:
- A daily candle closing above the $0.535 level would bolster further price growth
- The overhead EMAs(20, 50, and 100) could offer multiple resistance against a potential rally.
- The intraday trading volume in the CRV token is $629.5 Million, indicating a 1000.5% gain.
Source- Tradingview
Following the recent bloodbath in crypto markets caused by the FTX crypto exchange crash, the Curve dao coin price witnessed an intense sell-off and plunged to the June bottom support of $0.535. However, with sustained selling in the crypto market, the altcoin couldn’t sustain this support, leading to further breakdown.
On November 20th, the CRV price breached $0.535 support, indicating the sellers are confident about reaching lower levels. However, the altcoin witnessed a sudden bullish reversal after hitting the $0.4 mark, driving the price above the breached support.
The Curve dao coin price currently trades at $0.6, with an intraday gain of 21%. As per the reports, this sharp price jump was backed by a short squeeze from crypto whales. Thus, these whales exiting their short position must have increased the buying orders in the market.
Moreover, the coin price rising above the recently breached $0.535 support indicates a fake breakdown scenario. Furthermore, this price rally may force liquate more short sellers by hitting their stop loss.
Therefore, the CRV price may surge 14% higher with sustained buying and reach the $0.685 resistance.
Technical analysis
RSI: The daily RSI slope reverted from the neckline of the oversold region, indicating that the aggressive selling is stabilizing.
EMAs: the downsloping crucial EMAs(20, 50, and 100) highlight an established downtrend. Moreover, the rising price may soon hit 20-day EMA, providing additional selling pressure.
Curve Dao Coin Intraday level
- Spot price: $0.6
- Trend: Bullish
- Volatility: High,
- Resistance levels- $0.685 and $0.8
- Support levels- $0.535 and $0.4
- S&P Launches Crypto 50 Index But There’s A Catch
- NYSE Owner ICE to Invest $2B in Polymarket as Interest in Prediction Markets Heats Up
- Expert Predicts SOL ETF Approval This Week as Solana ETPs Break All-Time Record
- XRP On-Chain Data Flashes Buy Signal as Analysts Target $4
- U.S. To Start Funding Its Bitcoin Reserve Anytime, Says Senator Lummis as BTC Rally Extends
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
