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Today, August 4, Curve DAO price is declining in value following the bearish trend in the cryptocurrency market.
After adding some gains yesterday, August 3, the CRV token failed to sustain its momentum. This weakness in the upward trend has resulted in another red candle on the price chart today.
But apart from today’s gloomy market-wide outlook, the downward movement can also be attributed to the hack on Curve Finance reported on July 31.
Curve Finance Price Dips Following Recent Hack Incident
As of 5:45 am EST, the price of Curve Dao has fallen by 1.15% over the past day, currently trading at $0.574. The trading volume for CRV has also experienced a significant decrease, dipping by 40% during the same period to sit at over $122.2 million.
The Curve Finance hack might have reduced trading activities on the network. Notably, after the hack, the team communicated with the responsible party through Twitter to recover the funds.
The team allowed the culprit to voluntarily return the stolen funds by August 6, at precisely 4:00 am EST. But for now, the update is unavailable.
Bulls Shape Up to Oversee the CRV Market
The daily price chart reveals that CRV’s price could plunge further, which is below the 50-day and -200-day Moving Averages. This sell potential is even supported by the MACD line moving below the signal line.
However, the token’s price stands around a support level of $0.572, preventing it from further decline. CRV’s price bounced off this position on June 14 and 15 and could repeat the same movement.
Besides, the bulls may be shaping up to oversee the market, considering that CRV’s price is now in the oversold zone. This is evident from the RSI value of 29.97. Also, the chances of a bullish trend are even higher as the red histogram bars fade, implying a decline in selling pressure.
Based on the analysis, Curve Dao will likely take a bullish turn, even though it remains subject to updates and news that could change its trajectory.
Shibie Coin Provides Haven For Investors Amid CRV’s Price Variabilities
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Moreover, the tokenomics of the coin are also intriguing, allocating 10% for CEX (Centralized Exchange) Listings and 60% of its tokens for the Presale event. Meanwhile, 5% goes to the Team behind its development, 20% for Liquidity purposes, and reserving 5% for Marketing initiatives.
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As the crypto community eagerly awaits Shibie Coin’s journey, its vibrant and unique approach will leave a lasting impression on the ever-evolving world of digital currencies.
Shibie Coin’s presale surpasses $95,000
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