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The Curve Dao (CRV) technique chart shows a constant rally with new higher highs and lows. However, as the Bitcoin price slides lower, the majority of altcoin follows the path, and so does the CRV price. This downfall may soon challenge the immediate support ( $1.05), extending the ongoing correction.
Key points:
- The falling CRV price closing to$1.05 support breakdown
- The MACD indicator showcased a bearish crossover in the daily time frame chart
- The intraday trading volume in the Curve Dao token is $197.6 Million, indicating a 23.6% drop.
Source- Tradingview
The July month’s recovery completely offsets June’s downfall, showcasing a V-shaped recovery in the daily time frame chart. The CRV price bounced from the $0.543 low and surged 185% to mark a record high of $1.53.
However, in response to the current sell-off in the crypto market, the CRV price immediately reverted from the $1.53 mark and triggered another pullback opportunity. A downfall with four consecutive red candles has depreciated the altcoin by 25%, which currently trades at the $1.13 mark.
If the downward spiral continues, the CRV price may retest the aligned support of $1.05 and the 0.5 Fibonacci retracement level. The combined support may act as a suitable footing from which buyers can continue the prevailing recovery.
Thus, the potential rally could climb 40% from $1.05 support and rechallenge the overhead resistance of $1.53.
On a contrary note, a breakdown from the 50% retracement level($1.05) would indicate weakness in bullish momentum. The resulting downfall would find a significant demand zone 17.5% lower to $0.868.
Technical analysis
MACD indicator: A bearish crossover between the fast and slow line projects a sell signal. A potential spread between these lines will accentuate the rising bearish momentum.
Bollinger band indicator: during the recovery phase, the altcoin constantly retested the indicator’s upper band, indicating aggressive buyers from traders. However, the current retracement nosedive below the midline suggests the price may witness a significant correction.
- Resistance levels- $1.3, and $1.52
- Support levels- $1.05 and 0.868
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