In new technical analysis, the Curve Dao Token (CRV) is an Ethereum-based cryptocurrency that drives Curve.fi – a decentralized exchange for digital currencies. This open-source protocol primarily facilitates easy swap transactions between stable coins and Ethereum-based Bitcoin cryptocurrencies. In addition, it is an automated market maker platform. CRV is hosted on the Ethereum blockchain network.
On April 9, 2021, CRV started trading at $3.07. As of April 15, 2021, the closing price of CRV is $4.03. Thus, in the past week, the CRV price has surged by roughly 31%. In the last 24 hours, CRV has traded between $3.70-$4.07.
Day-Ahead and Tomorrow
Currently, CRV is trading at $3.85. The price has decreased from the opening price of $4.03. Thus, the market seems bearish.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to dip further.
The OBV indicator has fallen steeply. Thus, selling volumes are much higher than buying volumes. Heavy selling activity in the CRV market will exert downward pressure on its price. Thus, we can expect the price to drop further.
The RSI indicator is presently at 43%. It faced rejection at 45%. Thus, selling pressures are high. Hence, we can say that the CRV price is poised to go down further.
CRV Technical Analysis
As per technical analysis, presently, the price has fallen below the Fibonacci pivot point of $3.93. It may soon fall below the first support level of $3.79. By day end, if the bears remain strong, we can expect the price to fall below the subsequent support levels of $3.70 and $3.56 respectively.
The price has tested and fallen below 38.2% FIB retracement level of $3.92. If by day end, if the price falls below 138.2% FIB retracement level of $3.56, then we can say that a downtrend has set in. In that case, we can expect the bear-run to continue tomorrow as well.