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?
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.
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.
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