CRV Technical Analysis: Has Traded Between $1.43-$1.74, Can Fall Below $1.42

Curve is a cryptocurrency exchange that aims at price stability and uses Automated Market Makers (AMM) to maintain liquidity. It is a decentralized platform that supports smart contract functionality. This network uses an Ethereum-based development tool known as Aragon. Aragon connects various smart contracts and helps users to infuse liquidity. Curve Dao Token (CRV) is the in-house stable coin of this ecosystem. Let us look at the CRV technical analysis:

Past Performance

On Jun 19, 2021, CRV opened at $1.93. On Jun 25, 2021, CRV closed at $1.45. Thus, in the past week, the CRV price has decreased by roughly 25%. In the last 24 hours, CRV has traded between $1.43 – $1.74.

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Day-Ahead and Tomorrow

Currently, CRV is trading at $1.47. The price has increased from the day’s opening price of $1.45. Thus, the market seems bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to increase further.

Currently, the RSI indicator is at 60%. It faced rejection at 65% and fell to the current level. However, buying pressures are still high. High buying activity will exert upward pressure on the CRV price.

Moreover, the OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes. High buying activity will push the price further up. In short, all three oscillators have given positive signals.

CRV Technical Analysis

Currently, the price is above the first Fibonacci pivot support level of $1.42. It may soon rise above the Fibonacci pivot point of $1.54. If the bulls remain strong till day end, the price is likely to surpass the first, second, and third resistance levels of $1.66, $1.73, and $1.85, respectively.

The price has gone past the 24-hour low of $1.43. It may soon break out of the 76.4% and 61.8% FIB retracement levels of $1.50 and $1.55, respectively. Thus, as of now, the bulls look strong. If the bullish momentum continues till day end, then probably the price uptrend may continue tomorrow as well.