Curve DAO Price Analysis: CRV Expects Further Bullish Rally Based on Hidden Pattern

• Curve DAO price broke above the parallel channel last night.
• The market cap of the CRV token has increased by 24% to $762 million in the last 24 hours.
• Amidst the uptrend, CRV price is showing above 20,50 as well as 100 day SMA.

The month of July is looking great for Curve DAO holders. The CRV token is doing well this month as buyers celebrate gains of over 10%. Price action constitutes higher lows inside an ascending parallel channel.

Prior to the rally, CRV token was trading below its 7-month high of $6.8 Markm amid a downtrend, with buyers witnessing the latest 52-week low of $0.5429. The 2022 lows have turned into an important hedge for buyers.

Source: CRV/USDT by tradingview 

CRV crypto broke the falling parallel channel last night with a strong Bullish candle. Buyers posted gains of around 30% this week, while the altocin is trading at the $1.41 mark at the time of writing. Meanwhile, speculators saw a 58% increase in volumes last evening.

The market cap of the Curve DAO token has increased by 24% to $762 million in the past 24 hours. CRV token is headed towards an immediate resistance of $1.5 against USDT. Conversely, if the price fails to move above the most recent resistance, each previous swing low such as the $1.0 and 0.80 are support levels.

CRV Price is Above 100 DMA 

Source: CRV/USDT by tradingview 

In terms of the daily price chart, the 20-day moving average (white) was an important support level for buyers. Meanwhile, buyers reclaimed the CRV price above the 100 DMA last night and the price is well above it at that point of time.

The Daily RSI indicator is showing a double bottom formation above the 55-point. The RSI indicator shows a bullish trend for CRV as its peak is yet to move into the overbought zone.

Conclusion

The bears may attempt a selloff as soon as the Curve DAO price moves towards the $1.5 resistance level. However, from the rising parallel channel side, further upside is likely in the remaining days of July.

Support level – $1.0and $0.50

Resistance level – $1.5 and $2.0

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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