CRV Technical Analysis: May Soon Fall Below the Support Levels of $3.01 and $2.79
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CRV Technical Analysis: May Soon Fall Below the Support Levels of $3.01 and $2.79

May 19, 2021      Ankita Awasthi

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. Curve Dao Token (CRV) is the native stable coin of this ecosystem. The CRV technical analysis will predict the price momentum for the next couple of days:

Past Performance

On May 12, 2021, CRV started trading at $3.31. On May 18, 2021, CRV closed at $3.49. Thus, in the past week, the CRV price has increased by roughly 5%. In the last 24 hours, CRV has traded between $3.06-$3.58.

https://s3.tradingview.com/snapshots/j/JbXWjVpv.png

Day-Ahead and Tomorrow

Currently, CRV is trading at $3.10. The price has decreased from the day’s opening price of $3.49. Thus, the market seems to be bearish.

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, the price may start rising after falling for some time.

The A/D indicator has fallen steeply, implying that whale distribution is much higher than whale accumulation. Heavy offloading activity will push the CRV price further down.

Presently, the RSI indicator is at 41%. It just rallied from the oversold region 10 minutes back. It faced rejection at 50% and fell to the current level. Thus, selling pressures are very high. Hence, the RSI indicator is giving further credence to the bearish price trend shown by the A/D indicator.

In short, when we look at all oscillators together, we can say that the price will continue to decline for some time. Thereafter, we have to wait and watch if a bearish trend reversal occurs or the price starts rising.

CRV Technical Analysis

At present, the price is below the first Fibonacci pivot support point of $3.14. It may soon fall below the subsequent support levels of $3.01 and $2.79, respectively. Thereafter, we have to observe if the price breaks out of these levels or continues to fall further.

The price has tested and fallen below the 23.6% FIB retracement level of $3.14. It may soon fall below the 23.6% FIB extension level of $2.87. By day end, if the price retests and breaks out of these levels, then probably a price uptrend has set in. In that case, the price may continue to rise tomorrow as well.

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Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.