NewsletterBull Cycle Within This Pattern Sets Curve Dao Price For 12% Jump
With a 9% intraday jump and 106% volume hike, the Curve Dao price gives a decisive breakout from the $0.854 resistance. This breakout triggers a new bull cycle within this falling wedge pattern, which in theory, should lead the prices to an overhead trendline. However, the buyers should break this trendline to trigger a genuine recovery rally.
Key points:
- The Curve Dao price will follow a downward spiral until it remains inside the wedge pattern.
- The coin price surged above the 20-day EMA slope
- The intraday trading volume in the CRV token is $62.1Million, indicating a 106% gain.
Source- Tradingview
The daily technical chart shows that the Curve Dao coin price is still under the influence of a falling wedge pattern. Similar to the majority of cryptocurrencies which faced high volatility on October 13th and 14th, with the release of CPI data, the CRV price sustained above the pattern’s support trendline.
A long-wick rejection candle retests the support trendline and offers a strong buying signal for interesting trades. As a result, the rebound from this support and breach the immediate resistance of $0.854.
Thus, the potential rally should drive the prices 12% higher to hit the combined resistance of the overhead trendline and $1. If the market sentiment remains bearish, the Curve Dao price will again turn down from the trendline and prolong its downfall.
However, interested buyers should wait for a trendline breakout, which will signal the resumption of the prior uptrend. As per the technical setup, the pattern completion should lead the prices to possible targets of $1.1, $1.3, and $1.55.
Technical analysis
Relative Strength Index: the daily-RSI slope close to the neutral line(50%) indicates that the bearish sentiment is weakening. Moreover, a crossover above the neutral line will bolster the bullish theory,
Bollinger band indicator: along with the $0.854 breakout, the coin price jumps above the indicator’s midline indicating the buyers are wrestling to take trend control.
Curve Dao coin price intraday level
- Spot price: $0.879
- Trend: Bullish
- Volatility: low,
- Resistance levels- $1, and $1.3
- Support levels- $0.854 and $0.682
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