Rising $CRV Knockout $0.86 Resistance; is $1 Next?

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itrustcapital


Published 10 mins ago

While the crypto market is still struggling with uncertainty, the Curve Dao (CRV) is rising higher on the price chart. On July 1st, the altcoin bounced back from the flipped support of $0.685, indicating the buyer’s attempt for another leg up. Thus, a bullish breakout from immediate resistance of $0.865 suggests growth potential for coin holders.

Key points:

The CRV price has gained 43% is past six days
The $0.865 breakout could drive the CRV price 30% higher
The intraday trading volume in the CRV token is $177.4 Million, indicating a 44.3% gain.

CRV/USDT ChartSource- Tradingview

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The CRV/USDT pair tumbled 20% in response to the late June sell-off and reached flipped support of $0.685. However, On June 30th, the long tail rejection candle at this support indicated the price sustainability, suggesting the market sentiment has flipped from selling on rallies to buying on dips.

The post-pullback rally has surged the CRV price by 30%, which currently trades at the $0.888 mark. Moreover, the five consecutive green candles, backed by a high volume rise, reflect a genuine recovery rally.

Furthermore, the bullish rally has breached the prior swing high of $0.885, indicating the coin is ready to reclaim higher prices. If the buying pressure persists, the buyers will propel the altcoin 24.5% high to the $1.07 mark.

However, this overhead resistance could trigger another pullback opportunity for traders waiting to buy CRV.

Technical analysis

OBV indicator: The rising OBV slope accentuates a genuine recovery rally.

RSI indicator: the daily-RSI slope climbing stepper rally has breached the neutral line(50), indicating growth in bullish momentum.

Bollinger Band indicator: the coin price pokes the indicator’s upper highlights aggressive buying from traders. Even though hitting the overhead resistance usually calls for a price reversal, the midline support could maintain the bullish momentum.

Resistance levels- $1.07, and $1.3
Support levels- $0.86 and $0.68

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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