CRV Technical Analysis: Price Has Tested and Fallen Below the First Fibonacci Pivot Support Level
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CRV Technical Analysis: Price Has Tested and Fallen Below the First Fibonacci Pivot Support Level

May 31, 2021      Ankita Awasthi

Curve is a decentralized liquidity protocol powered by smart contracts.  It facilitates yield farming, liquidity mining, and price stability. It uses an Automated Market Maker for managing liquidity. Curve Dao token (CRV) is the customized token of this ecosystem. The following CRV technical analysis will predict the price momentum for the next two days:

Past Performance

On May 24, 2021, CRV opened at $1.32. On May 30, 2021, CRV closed at $1.68. Thus, in the past week, the CRV price has increased by approximately 27%. In the last 24 hours, CRV has traded between $1.60-$1.71.

Day-Ahead and Tomorrow

Currently, CRV is trading at $1.61. The price has decreased from the day’s opening price of $1.68. Thus, the market seems bearish.

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The MACD and signal lines have just turned 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 go down further.

Currently, the RSI indicator is at 44%. It faced rejection at 33% and rose to this level. Thus, buying pressures are slowly building up. However, as of now, the selling pressures are still strong, and hence the price may continue to decline for some time.

The OBV indicator had fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the CRV price.

In short, all three oscillators have given bearish signals. Thus, the price is expected to decrease further.

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CRV Technical Analysis

The price has tested and fallen below the first Fibonacci pivot support level of $1.62. The price may soon fall below the subsequent support levels of $1.59 and $1.55, respectively.

The price has tested and broken out of the 23.6% FIB retracement level of $1.63. It may soon break out of the 23.6% FIB extension level of $1.57. Thus, as of now, the price downtrend is strong and likely to continue tomorrow as well.

#CRV #Curve
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.