A bullish reversal from the $2 support continues the Curve Dao(CRV) price consolidation with a descending triangle pattern. Thus, the altcoin shows a steady north march towards the overhead resistance trendline, preparing for a decisive breakout. Today, the altcoin displays a 12% price jump on the intraday level with a 90% hike in volume activity.
Key points:
- The CRV price action wobbles in a descending triangle pattern.
- The 100-day EMA puts an additional barrier at dynamic resistance trendline
- The intraday trading volume in the CRV token is $307.5 Million, indicating a 92% gain.
Source- Tradingview
On April 25th, the Curve Dao(CRV) buyers submitted to the concentrated resistance of $2.74, descending trendline, and 100-day EMA, resulting in a bearish reversal. This new bear cycle within the descending triangle pattern tumbled the altcoin by 28.2%.
The CRV price retested the March bottom support near $2 and witnessed a significant buying pressure. This V-shaped recovery with four consecutive green candles indicated the traders are aggressive buying on this dip.
Furthermore, the coin chart displays a gradual rise in volume activity, suggesting healthy growth in bullish momentum. If the buyers sustain this recovery, the CRV price could give a bullish breakout from the triangle pattern.
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However, it should be noted that the descending triangle pattern is a bearish continuation pattern and the technical set-up favors sellers with a breakdown of neckline support, which is $2-$1.91.
Therefore, the interested participants should consider the area within the price pattern as no-trading zone and wait for a genuine breakout before entering the market.
Technical analysis
A sideways rally from 20-and-50-day EMA accentuates the short-term consolidation of CRV price. Whereas the downsloping 100-and-200-day EMA reflects an overall downtrend. Moreover, the 100-day offers a constant resistance to price.
The RSI slope reentering the bullish territory suggests positive sentiment among market traders.
- Resistance levels- $2.7, and $3
- Support levels- $2 and $1.23
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