Curve DAO Token Analysis: CRV Rises 2% – Does a Bullish Trend Await?

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Curve Dao (CRV) has piqued the interest of investors by showcasing a significant price surge.

This gain hints at a potential price rebound from the sustained support zone, although challenges could impede an upward movement.

According to GeckoTerminal.com, as of 5:40 a.m. EST, Curve Dao (CRV) is actively trading at $0.52, demonstrating a 1.4% increase in the past 24 hours. Furthermore, CRV also boasts an 18% surge over the past week. Does this indicate that CRV investors are poised for a bullish trend?

CRV Rebounds on Support Level, Surpasses 50 SMA

CRV/USD Chart Analysis. Source: Geckoterminal

According to the chart, bulls have faced resistance at $1.29, regrouping at the $0.42 support zone to recover their losses.

Additionally, the 50-day moving average indicates a crossover at $0.77 and also acts as a support for the CRV price.

The persistent decline in CRV’s price indicates a struggle between the bullish and bearish forces, forming a descending triangle pattern that signals a continuation of the bearish trend.

However, the price is trading below the 200-day moving average. This confirms increased selling pressure and strengthens the bearish sentiment.

CRV may soar towards the triangle’s upper boundary, indicated by short succeeding bullish candles above the 50 SMA. The relative strength index, currently at 66, is towards the overbought region of 70, indicating increased buying pressure.

Based on the analysis, CRV’s price remains generally bearish. The descending triangle and moving averages signal potential bearish movements. This may help the bears push the price below the triangle, with their focus on the $0.08 support level.

However, if the bulls sustain their bullish momentum, they may aim to reach the triangle’s upper boundary, with key levels to watch at $0.68 and $0.88, respectively.

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