CRV Technical Analysis: Consolidation Breakout Warns 20% Drop 

The CRV Technical Analysis offers a selling opportunity as the breakout rally of the consolidation range gains momentum to reach $0.68. The CRV price action highlights an increase in the bearish influence over the consolidation range resulting in a bearish breakdown. Furthermore, the price action displays the daily candle gaining bearish momentum, signaling a selling opportunity for sideline traders. So, will the downtrend reach the bottom support level of 0.68?

Key Points:

• The Curve Dao price action shows a bearish breakout entry opportunity.
• The price jump crosses under the $0.84 support level.
• The intraday trading volume in Curve Dao is $45.67 million.

Source — TradingView

CRV Technical Analysis

As mentioned in our previous analysis, the increasing bearish influence led to a bearish breakout of a consolidation range in the CRV prices. Additionally, the declining trend responsible for the bearish breakout accounts for a 10% drop last week. The downtrend increases the bearish momentum in the crucial daily EMAs (50,100,200), reflecting a solid underlying bearishness. Currently, the daily candle shows a 2.86% drop and crosses under the support level of $0.84, signaling a selling opportunity. However, the lack of trading volume questions the bearish credibility, which might result in a bounce back above $0.84. If the selling pressure grows over the day, the Curve Dao market price will drop to $0.68, accounting for a 20% decline. Conversely, if the bullish momentum increases, a reversal will dump the CRV prices to the 50-day EMA at $0.98.

Technical Indicators

The RSI slope declines in the nearly oversold zone as it crosses below the 14-day SMA to approach the oversold boundary. Moreover, the fast and slow lines signal a bearish crossover as they merge in the negative territory while the bullish histograms decline to the zero line. Therefore, the CRV technical analysis suggests that traders can find a selling opportunity at current prices. Resistance Levels — $0.84 and $0.98 Support Levels — $0.68 and $0.55

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