Curve DAO Token Price Analysis: CRV Declining through an Interesting Channel, Know Whereabouts!

• Curve DAO Token price has been declining through a descending parallel channel over the daily price chart.
• CRV crypto is trading with downtrend momentum as 20 EMA is about to cross the 50 EMA downwards.
• The pair of CRV/BTC is at 0.00005504 BTC with an intraday drop of 4.99%.

Curve DAO Token price has been declining through a descending parallel channel over the daily price chart. The token at first tried to gain the uptrend momentum and surged towards the upper trendline but failed to sustain and fell back inside the channel. CRV coin must gain support from the buyers in order to register its breakout from the descending parallel channel. CRV token needs to attract more buyers as the token is currently trading under the influence of bears. This means CRV coin is facing short-selling pressure at the moment.

Curve DAO token price is currently approximated at $1.16 and has lost 8.94% of its market capitalization in the last 24-hour period. Trading volume has decreased by 4.55% in the intraday trading session. This shows that bears are trying to trap the token in the short sellers clutch. Volume to market cap ratio is 0.3292.

Source: CRV/USD by TradingView

CRV coin price must gather support from the buyers to surge towards the upper trendline and register the token’s breakout. However, volume change can be seen below average and needs to grow for CRV to register its breakout. Meanwhile, CRV crypto is trading with downtrend momentum as 20 EMA is about to cross the 50 EMA downwards. The token needs to accumulate buyers to start it’s recovery phase. 

What do Technical Indicators suggest about CRV?     

Source: CRV/USD by TradingView

CRV coin needs to accumulate bulls to start its recovery phase. The token is currently trading under the influence of bears and is trading towards the lower trendline of the parallel channel. Technical indicators suggest the downtrend momentum of CRV coin. 

Relative Strength Index showcases the downtrend momentum of CRV coin. RSI is at 51 and is about to cross neutrality. MACD exhibits the bearish momentum of CRV coin. The MACD line is about to cross the signal line downwards resulting in a negative crossover. CRV investors need to wait for any directional change over the daily chart. 

Conclusion

Curve DAO Token price has been declining through a descending parallel channel over the daily price chart. The token at first tried to gain the uptrend momentum and surged towards the upper trendline but failed to sustain and fell back inside the channel. CRV coin must gain support from the buyers in order to register its breakout from the descending parallel channel. However, volume change can be seen below average and needs to grow for CRV to register its breakout. Technical indicators suggest the downtrend momentum of CRV coin. The MACD line is about to cross the signal line downwards resulting in a negative crossover. CRV investors need to wait for any directional change over the daily chart. 

Technical Levels

Support Levels: $1.05 and $0.90

Resistance Levels: $1.50 and $2.00

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.  

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