Claim BonusCRV Price Analysis: Falling CRV Price Break $0.68 Support; is $0.5 Next?
The Curve Dao(CRV) price witnessed an aggressive sell-off by escaping through the consolidation phase shaped as a symmetrical triangle pattern. This downfall tumbled the altcoin by 44% and reached its current trading price of $0.661. Furthermore, a recent fallout from the $0.685 support threatens more pain for CRV holders
Key points:
- The daily RSI slope plunged into the oversold region
- Eight consecutive red candles in the daily time frame chart register a $45% in CRV price
- The intraday trading volume in the CRV token is $217.9 Million, indicating a 65% gain.
Source-Tradingview
Following the April-May Sell-off, the crypto market witnessed uncertainty among the coin traders. The CRV/USDT pair responded to this indecisiveness by forming a symmetrical triangle pattern.
This consolidation phase within the continuation pattern allowed traders to stabilize from the prior bloodbath and bolster further price movement. Thus, on June 8th, the CRV price breached the pattern’s support trendline suggesting the resumption of the prevailing downtrend.
The pattern fallout accelerated the trapped selling momentum and plunged the CRV price below $1, $0.82, and the $0.685 support level just today. Thus, if the selling pressure persists and sustains below $0.685, the sellers could pull the price 21.5% lower to the $0.5 psychological level.
Conversely, if CRV buyers revert the altcoin and give a candle closing above the $0.65 mark, the traders may witness a temporary pullback to the $11 mark before moving down again.
Technical analysis
RSI indicator- The daily RSI slope nosedive into the oversold region indicates the sellers may have overextended on their part, which supports the pullback theory.
EMAs- However, the increased gap between the downsloping EMAs(20, 50, 100, and 200) highlights aggressive selling in the market and suggests the potential pullback could face multiple resistance ahead.
- Resistance levels- $0.685, and $0.83
- Support levels- $0.5 and $0.355
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.
Related Articles
- CFTC Launches “Future-Proof” Initiative to Modernize Crypto and Prediction Market Rules
- Bitcoin Drops Below $90K as Supreme Court Delays Ruling on Trump Tariffs
- Trump Tariffs: U.S. President Threathens 200% Tariffs on France Amid Greenland Dispute
- Breaking: Tom Lee’s BitMine Acquires 35,268 ETH as Staked Ethereum Surges to All-Time High
- Fed Chair Decision: Trump Could Decide on Powell’s Successor Next Week, Scott Bessent Says
- XRP Price Eyes a 25% Rebound Ahead of Brad Garlinghouse Statements at Davos Summit
- Why Silver and Gold Prices Are Rising While Crypto Falls Under Tariff Pressure?
- Solana Price Prediction As NYSE Launched Stock Tokenization Platform
- Bitcoin Price Outlook Ahead of Trump’s Davos Speech as Trade War Tensions Ease
- Top 3 Price Prediction for Ethereum, XRP and Bitcoin If Crypto Structure Gets Approved This Month
- Dogecoin Price Eyes a 20% Rebound Ahead of SCOTUS Ruling on Trump’s Tariffs
