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Curve DAO (CRV) is leading gains among top-cap cryptocurrencies after rallying more than 7% over the last 24 hours to trade just above $0.5.
It’s gained about 20% over the last two weeks, rising as much as 38% to $0.565 over the weekend.
This uptick is accompanied by a massive leap in trading volume, which is up 398% to $148 million on the day. Its live market cap now stands at $447 million, placing it at #71 on the CoinMarketCap ranking.
The latest uptick in Curve DAO Token’s price has been attributed to significant accumulation by whales. According to data from Lookonchain, a web3 data analysis platform, CRV’s price action was ostensibly influenced by whale activity.
The price of $CRV increased ~12% today as whales are accumulating $CRV!
0xDf14 has withdrawn 5.17M $CRV ($2.7M) from #Binance in the past 20 minutes and has withdrawn a total of 14.44 $CRV ($7.55M).
0xEfb8 withdrew 5.78M $CRV ($3.02M) from #Binance in the past 7 hours. pic.twitter.com/rG8RNi9qc4
— Lookonchain (@lookonchain) September 24, 2023
In a Sunday post on X, the blockchain analytics firm noticed that a whale identified as 0xDf14 has been particularly active, withdrawing a substantial 5.17 million CRV tokens, equivalent to $2.63 million at current rates, from Binance in a span of just 20 minutes. This is part of a larger series of withdrawals by the same entity, totaling 14.44 million $CRV or $7.55 million.
Whale"0xDf14" withdrew 5.12M $CRV($2.7M) from #Binance again 6 hours ago.
And the whale has withdrawn a total of 19.56M $CRV($10.33M) from #Binance in the past 3 days.
The whale staked all $CRV on #Convex.https://t.co/eSOmZSlmk8 pic.twitter.com/8fXj2VVk3T
— Lookonchain (@lookonchain) September 25, 2023
In another transaction, a whale identified as Michael Egorov deposited a total of “23.26M $CRV ($12.3M) into #Silo and borrowed 3.75M $crvUSD in the past 1 hour. Then exchanged 3.75M $crvUSD for $USDT and repaid the debt on #Aave.”
After the price of $CRV increased, Michael Egorov deposited a total of 23.26M $CRV ($12.3M) into #Silo and borrowed 3.75M $crvUSD in the past 1 hour.
Then exchanged 3.75M $crvUSD for $USDT and repaid the debt on #Aave.https://t.co/bedCXcs8Rj pic.twitter.com/1j5DBStJVv
— Lookonchain (@lookonchain) September 25, 2023
This activity by CRV whales has triggered massive buying from the interested investors which has seen the price continue to scale higher.
Curve DAO Price Corrects To $0.508 – Where Next CVR?
After finding support from the $0.442 support floor, the Curve DAO Token embarked on an uptrend that has seen its price rise as much as 30% to set a swing high at $0.566 on Sept. 24. CRV has since dropped to the current price around $0.508, as sellers book profits on the current rally.
All the major moving averages were facing upwards and the Relative Strength Index (RSI) was positioned in the positive region. The price strength at 68, close to the overbought region, suggested that the price was firmly in the hands of the buyers. This means that the path with the least resistance for the Curve DAO price is upwards.
Key levels to watch on the upside are the 38.2% Fibonacci retracement level at $0.518, and the 23.6% level at $0.536. The next roadblock lies at the $0.55 psychological level and the $0.566 swing high. A daily candlestick closing above this level would see Curve DAO climb higher to $0.6 as new price discoveries for 2023 set in.
CRV/USD Daily Chart
On the downside, the 50% Fibonacci level is providing support at $0.504, and the 61.8% is another anchor at $0.489. Breaching these levels would scale the CRV price lower first toward the 78.6% retracement level at $0.468, before completing the full retracement to $0.442. Such a move would undo all the gains made over the last two weeks.
However, it is important to note that the buyer congestion zone between $0.440 and $0.45 is a strong support zone for the Curve DAO price. This is where all the Simple Moving Averages (SMAs) lie and could provide a safe haven for buyers to regroup and buy more on the dip before initiating another recovery.
Remember though that crypto prices are highly volatile and investors are advised to do their research before deciding whether or not to invest in a certain crypto. Nevertheless, one of the ways to invest is in new cryptocurrencies in presale with a low-risk-to-reward ratio that have the potential to make good returns. One of them is Meme Kombat and is discussed next.
CRV Alternatives
Meme Kombat is a new stake-to-earn (S2E) gaming token that has just launched its presale in what is shaping up to be one of the year’s most exciting releases. Meme Kombat combines the charm of memes and competitive gaming to create a unique Ethereum-based token—$MK.
The team behind this revolutionary project launched its presale on Friday, Sept. 22, and has already raised close to $60,000 within three days, showing initial solid interest from investors.
The $MK presale is officially live!
🚶Go to our site
🤝Join our Telegram
🫶Turn on notificationsIt's time to prepare for Kombat 🥷 pic.twitter.com/SrrnD6kwjm
— Meme Kombat (@Meme_Kombat) September 21, 2023
It has a roadmap that outlines its plans to further increase utility and also offers an annual percentage yield (APY) on staking of 112%.
You can buy Meme Kombat ($MK) now for $1.667 and start staking and earning straight away. The $MK token presale has a hard cap of $10 million. It has a total supply of 12 million $MK, 50% of which is allocated for the presale.
To buy Meme Kombat, visit the project’s website here, connect your wallet and fund it with USDT or Ethereum and get some $MK tokens. You can also buy the token on the BNB Smart Chain.
Visit Meme Kombat here for more information about the project and how to participate in the presale.
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