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How Far Rising Curve Dao Coin May Reach In Coming Week?

CRV Short Squeeze: Here’s Why Curve DAO Token Price Shooting Up

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Posted 2 hours ago

The V-shaped recovery in the price of Curve Dao coin offset the recent drop in the monthly support of $0.534. This fake breakout scenario brought more buy orders into the market by forcing short sellers trapped into liquidation. However, the ongoing rally may soon retest the four-month resistance trend line to complement bearish momentum. Is it safe to keep?

Key Points:

  • Daily candle closing above the $0.535 level accelerates bullish momentum
  • A breakthrough of the trendline is needed to create a sustainable uptrend.
  • The intraday trading volume for the CRV token is $162 million, which translates to 46% loss.

Curve dao coinSource- Trading view

Due to the downward trend line, the price of the Curve Dao coin has been falling steadily over the past four months. Additionally, multiple reversals of this dynamic resistance indicate that sellers are actively selling along this trendline.

In the middle of the FTX crypto exchange crash, CRV coin faced its final correction from the upper trend line, resulting in a 6.68% drop to hit the $4 mark. However, there was a sudden surge of buying pressure in the altcoin, which pushed the price up 82.4%. in the last three days.

This vertical increase puts the rising bullish trend back on the resistance trendline, providing a relief rally for coin holders. Moreover, the price increase supported by the volume decrease indicates that the current bull run is temporary.

Anyway, the Curve Dao price is currently trading at $0.681 and broke the horizontal resistance at $0.534. This breakout should accelerate the upside and extend the ongoing recovery. Thus, with continued buying, the altcoin should rise more than 30% to hit the upper trend line.

However, if the overall market remained down, the price of Curve Dao coin will be high possibility of another translation.

Thus, buyers on the sidelines waiting for a long entry opportunity should cross the resistance trend line.

Technical analysis

RSI: A daily RSI slope jump above neutral indicates an improvement in market sentiment.

It is not: the bearish important EMAs (20, 50 and 100) venture into an established downtrend and provide dynamic resistance against an upward pullback.

Intraday level of Curve Dao Coin

  • Spot price: $0.681
  • Trend: Bear ok
  • Volatility: High
  • Resistance levels – $0.8 and $1.02
  • Support levels – $0.688 and $0.534

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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