MEXCBullish pattern Spotted On CRV Chart; When’s The Right Time To Buy?
On August 14th, the CRV/USDT pair reverted from the $1.44 resistance with an evening star candle. The resulting downfall accelerated by the widespread correction in the crypto market tumbled the price by 31.5%. However, the retracement rally has halted at $1 psychological support projecting some recovery signs.
Key points from CRV analysis:
- The CRV chart shows the possibility of forming a double bottom pattern
- A 20-day EMA provides dynamics resistance to coin price
- The intraday trading volume in the CRV token is $91.3 Million, indicating a 5.8% loss.
Source- Tradingview
The CRV price plunged to the $1 mark, evaporating nearly 58-60% of the June-July recovery. The buyers tried to recover from this psychological level but couldn’t surpass the $1.23 and reverted back. On August 29th, the coin price rebounded from this support with a bullish engulfing candle, validating this level as a high accumulation zone.
Today, the coin is 1.85% up, and trying to follow up on the bullish reversal. Though the CRV price breached a minor resistance of $1.078, the volume activity is yet to pick to confirm buyers’ commitment.
Also read : Just-In: Binance Freezes $450K Stolen From Curve.Finance (CRV)
Anyhow if the buying pressure sustains, the price may surge 13% higher to $1.23. This bull run would complete the formation of a double bottom pattern. This price pattern is quite well known for trend reversal and may assist CRV buyers in resuming the prior recovery.
Thus, a possible breakout from the $1.23 neckline will accelerate the buying momentum and push the prices 16% higher to hit $1.44.
On a contrary note, altcoin may plunge below $1 support if the bullish momentum can’t sustain above the $1.08 or $1.23 mark.
Technical analysis
Relative Strength Index: A bullish divergence concerning the two reversals from the $1 support indicates growth in underlying bullishness. Moreover, the indicator slope above the midline will reflect the traders’ confidence in recovery activity.
Bollinger band: this indicator suggests the CRV price is witnessing a minor bullish pullback which eventually reverts and extends the price correction.
- Resistance levels- $1.23, and $1.44
- Support levels- $1 and 1.08
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