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CRV Price Analysis: Trapped Momentum Within Range Tease Sharp Breakout Move

Curve Plummets To 16-Mth Low

Published June 7, 2022

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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.

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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.

CRV/USDT ChartSource- 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.

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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

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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