Curve DAO Token Price Prediction: CRV Falls 5% – Market Failure or Just a Fad?

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Curve DAO (CRV) has been on the receiving end of the crypto market’s volatility, having experienced a consistent downtrend in the past few weeks.

Following the exploitation on July 30, 2023, when a hacker breached CRV’s database and caused a substantial loss of $50 million, the token’s value plummeted to $0.50. This scenario marked a significant 31% decrease from its price of $0.73.

In the following weeks, Curve DAO (CRV) tried to recover and sustain its momentum, thanks to 90% of the loot returned by the hacker and Binance’s strategic investment in the project.

However, the price performance of CRV wasn’t affected as investors expected. Instead, the asset kept fluctuating after the short-term rise, leading market analysts to believe there would be more declines in the future price of CRV.

These speculations didn’t take long to actualize, as the news of SpaceX dumping its Bitcoin holdings darkened the crypto sphere. On August 17, like other altcoins, the information impacted CRV, dropping its trading price to $0.4928 per token, its lowest in over 30 days, according to CoinGecko.

CRV’s Uptrend Halted Due to Market Sentiments

At 9:07 am EST, CRV is trading at $0.4601, recording a 4.2% decrease in the last 24 hours. Over the past 7 and 14 days, 20.3% and 23.9% declined, respectively. The price in the previous 30 days also indicates that the asset has traded in its bearish zones.

However, there were noticeable movements in the green zone, as the token had attempted recovery before the event on August 17. The signs are still evident in CRV’s current trading volume, recording a significant increase of 54.99% in the last 24 hours.

As expected, certain significant developments affect the token’s price, fueling investors’ uncertainty about CRV’s stance as a market failure or a fad.

CRV’s Collaboration with TRON and BTTC Could Boost Market Performance

In a recent tweet, TRON has partnered with Curve, introducing a stUSDT pool on the platform. stUSDT is the world’s inaugural real-world asset (RWA) protocol on the TRON blockchain.

.@CurveFinance is headed to #TRON and #BTTC networks!

🔺TRON DAO Ventures commits $2M in CRV.
🔺Launching on TRON & BTTC soon.
🔺Partnership aims to enhance TRON’s DeFi ecosystem.
🔺 BTTC's cross-chain tech set to drive DeFi growth.

🔗Read more:https://t.co/CDwIK3LqxK

— TRON DAO (@trondao) August 18, 2023

It’s recognized as the Web3 equivalent of a money market fund in the digital realm, with its TVL exceeding $700 million already.

This partnership-investment of TRON DAO ventures and Curve allows for a system where there is adequate financial backing and synergy between the two companies. The news was received with enthusiasm by investors in the CRV community, leading to a rise in trading volumes.

Also, the project’s other involvements with notable mentions in the crypto space, like Silo Labs, could be a move to ignite a temporary uptrend or recovery from its lows.

August 21, 2023: Silo Llama 🧑‍🌾🦙
Silo Labs launches fork with $crvUSD as bridge asset supporting multiple tokens

Why we believe this move is particularly brilliant

🧵1/9👇 pic.twitter.com/3HVTciBWVG

— curvecap.lens (@CurveCap) August 21, 2023

Curve DAO Price is Hinting at Trend Reversal Ahead, Will Bulls Win?

The chart shows that the coin’s price is below the Bollinger Band indicator, and the Relative Strength Index stands at 22, indicating a potential setup for a bullish reversal.

The Bollinger Bands represent price volatility, and a price below the lower band could suggest an oversold condition, implying a possible price increase ahead.

However, a bullish reversal isn’t guaranteed solely based on these indicators. Confirming signs like positive price action, volume increases, or bullish chart patterns are needed.

Meanwhile, the Moving Average Convergence Divergence (MACD) trading below the signal, accompanied by the red histogram bars, calls for caution. This indicates that the asset is under bearish control.

Significantly, Curve DAO/USD has also found an immediate support level at $0.4544, where the market struggle to break below. Meanwhile, a red candle closing below this level will signal a bearish pressure, and the coin price will drop.

But, if the buyers could sustain the pressure and hold this critical support level, Curve DAO/USD may increase significantly toward the resistance level at $0.500.

This analysis indicates that the coin’s price might be undervalued and could see a potential trend reversal.

Sonik Coin An Alternative Amidst Market Uncertainty

In the dynamic world of cryptocurrencies, the excitement of discovering the next big trend is a feeling that constantly engages enthusiasts. This is where a rising meme coin that has captured the interest and imagination of crypto enthusiasts, Sonik Coin c, omes in.

This new digital asset is inspired by the iconic Sonic The Hedgehog character, a beloved creation introduced by video game giant Sega in 1991.

While Sonik Coin (SONIK) is not directly connected to the official Sonic brand or Sega, it cleverly integrates elements from the Sonic games, capturing gamers’ hearts globally.

In addition to its gaming theme and integrations, Sonik Coin introduces a fascinating element that sets it apart from typical meme coins. Notably, 40% of the token supply is designated for staking rewards, offering $SONIK holders a distinctive utility beyond speculative trading.

This staking mechanism imparts tangible value to the meme coin, an attribute uncommon in a landscape where tokens often lack practical uses. By staking $SONIK tokens, holders can earn a substantial Annual Percentage Yield (APY).

According to information on Sonik Coin’s official website, the current staking APY is at an impressive 208%, with approximately 11 billion $SONIK tokens already locked in for staking.