NewsletterCurve Dao Coin Rally Sets Its Target Above $1; Is It Time To Buy?
The Curve Dao coin showed a steady downfall when the prices turned down from $1.55 on July 19th. This V-top reversal plunged the altcoin to a low of $0.738 mark, registering a loss of 52.3%. Moreover, the series of lower highs reflect an established downfall, and if the selling pressure persists, the prices could plunge back to $0.67 support.
Key points:
- The Curve Dao coin price is actively responding to a falling wedge pattern.
- The coin traders are falling strong supply pressure at $0.853
- The intraday trading volume in the CRV token is $150.8 Million, indicating a 21% loss.
Source- Tradingview
The daily technical chart shows the ongoing price action follows a falling wedge pattern. Moreover, even though this pattern leads to a significant price drop, the asset price should witness a strong rally once the prices break the overhead trendline.
The Curve Dao coin price currently trades at the $0.8 mark and has recently rebounded from the support trendline. This bull cycle within the pattern should push the price to the overhead trendline.
As of now, the buyers struggle to surpass the in-between resistance of $8.53, and the high wick rejection attached to the daily candle indicates a possible reversal. Doing so will slump prices back to support the trendline to replenish the bullish pattern.
However, in response to this pattern, the curve Dao price should eventually break the resistance trendline. Thus, this pattern completion will boost the bullish momentum to hit the $1.55 mark.
Technical analysis
MACD indicator: a bearish crossover between the MACD and signal line bolster sellers to plummet the prices back to support the trendline.
EMAs: A coin price below the downsloping EMAs (20, 50, 100, and 200) indicates a bear trend is in progress. Moreover, the 20-day EMA offers dynamic resistance among these EMAs.
Curve Dao Coin Intraday Level
- Spot price: $0.806
- Trend: Bullish
- Volatility: High,
- Resistance levels- $1, and $1.27
- Support levels- $0.677 and $0.565
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