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$1 Breakout Could Surge Curve Dao Price By 30%; Buy Now?

$1 Breakout Could Surge Curve Dao Price By 30%; Buy Now?

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Posted 9 hours ago

Regarding the ongoing decline in the crypto market, the Curve Dao price has formed a descending wedge pattern. The altcoin has been resonating in a wedge for the past two months and has retested both the upper and lower trend lines three times. Market participants are reacting to this pattern and its breakout should provide a good opportunity to enter.

Main points CUrve Dao analysis

  • Curve Dao price continues its downward spiral until it oscillates inside a wedge pattern.
  • The price of the coin fluctuates with the trading ban.
  • The intraday trading volume for the CRV token is $65.6 A million, which means a 33 percent loss.

CRV/USD price chart

Source- Trading view

In theory, although the falling wedge pattern presents itself as a steep downward trend, its nature is actually to retrace the previous recovery. Thus, an upward breakout from the pattern’s countertrend line indicates a shift in market sentiment from rally selling to buying through dips.

After the last bearish cycle of the wedge pattern, the price of Curve Dao fell to the combined support and lower trendline of $0.85. Additionally, buyers tried to recover from this support, but the recent interest rate hike-induced crypto market selloff triggered a small rally.

For almost two weeks, the price of Curve Dai coin fluctuated between $0.85 and $0.95. Rising $1 resistance will trigger another bull cycle in this pattern. Thus, in response to this bullish continuation, the altcoin should eventually break the resistance trend line.

A rally after the breakout should push prices up 56% to reach the last swing high resistance of $1.

However, until the wedge pattern is intact, the downward spiral will continue to drag prices to the $0.85 bottom support.

Technical analysis

Bollinger Bands Indicator: A coin price swinging below the center line indicates that the price is currently in the hands of a seller.

MACD indicator: a narrow gap between fast and slow lines indicates weak selling momentum. Furthermore, these slopes approaching the bullish crossover should strengthen the bull cycle theory.

  • Resistance levels – $1 and $1.24
  • Support levels – $0.85 and $0.65

For the last 5 years I have been working in journalism. I have been following Blockchain and cryptocurrency for the past 3 years. I have written on a variety of topics including fashion, beauty, entertainment and finance. raech me at brian(at)coingape.com

The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.

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