Curve DAO Price May Extend 127% Gains as Bullish Pattern Nears Completion

Curve DAO price chart has completed the formation of a cup with handle pattern, a market setup that often comes before a major price breakout. This pattern formed on the 1-day chart suggests the altcoin’s price could extend a 127% rally to $1.2.

At press time, Curve DAO  trades at $0.7811 and is up 4.72% in the past 24 hours. The market cap of CRV hovers around $1.06 billion, making it the 76th largest cryptocurrency.

Curve DAO Price Eyes 127% Spike to $1.2000

Curve DAO price is primed for a 127% spike to a multi-month high at $1.2210 amidst forming a Cup and Handle pattern on the 1-day chart. The cryptocurrency is consolidating near the $0.7811 neckline, and if the bulls manage to trigger a successful push beyond this point, a breakout rally is inevitable.

The above cup and handle pattern often signals the start of an uptrend. It appears as a rounded bottom called the ‘Cup’, which is followed by a minor consolidation called the ‘Handle’.

The aforementioned target of $1.2210 is calculated by adding the 55% depth of the cup to the neckline at $0.7811. Continuation of the bullish pattern and the potential breakout is validated by an uptick in volume and momentum.

Moreover, CRV price trades above the 200-day moving average and often signals strength when used alongside the cup and handle formation. The 50-day MA is also rising towards the price and has switched color to green, indicating growing bullish momentum.

18% Uptick in Derivatives Volumes Suggests Upward Continuation

According to on-chain data, derivatives volumes and open interest have risen by 18% and 5% in the last 24 hours, respectively. The growth suggests there’s still strong market interest to support the bullish outlook for a potential 127% rally.

Final Take

Curve DAO price forecast shows the cryptocurrency is eyeing a breakout rally from the formation of a cup and handle pattern. This pattern indicates a potential breakout rally to $1.2210 if momentum continues building up at the neckline. 

The 24-hour derivatives volume has improved by 18%, which further confirms rising momentum to support the bullish outlook. Historically, a “Cup and Handle ” pattern has led to previous crypto rallies,  and this could be no exception.