CRV Price Analysis: Trapped Momentum Within Range Tease Sharp Breakout Move
The Curve Dao(CRV) price stuck within a symmetrical triangle pattern awaits a breakout move. However, this three-week consolidation has limited the trading activity to a minimum, indicating a no-trading zone. A reversal from 20-day EMA within the triangle suggests the price would remain dormant for a few more sessions.
Key points
- The CRV/USDT chart shows a consolidation range in the daily timeframe
- The CRV buyers struggle to reach overhead resistance at $1.50.
- The intraday trading volume in the CRV is $102 Million, indicating a 3.37% fall.
Source- Tradingview
In the last two months, CRV price action showcases a hesitance from the buyers’ side towards the bear cycle, resulting in the 100-day EMA breakout attempts. However, the selling pressure grows and breaks under the psychological mark of $2 to take support at $1.
The downfall accounts for a 60% fall in May as buyers managed to stand their ground in April before the $2 breakout. The mental barrier of $1 helps cushion the bearish spiral, resulting in a lateral shift and a symmetrical triangle pattern formation.
The triangle breakout will unleash a bullish rally to the $2 mark.
Alternatively, the fallout from the triangle pattern and the $1 mark can result in a further continuation of the death spiral and test the $0.75 mark, accounting for a price fall of 25%.
Currently, the bullish failure to reach the overhead resistance supports the fallout theory, but the genuine breakout will hold the final say.
Technical Indicators
Vortex indicator: Multiple crossovers between the VI+ and VI- line accentuates uncertainty in the market. Thus, the traders can consider a triangle pattern as no trading and wait for a price breakout.
EMA: the 20-day EMA resistance puts additional selling pressure on CRV price, encouraging triangle breakdown.
- Resistance levels- $1.5 and $1.85
- Support levels- $1 and $0.83
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
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.
