CRV resumed buying this week after witnessing a slight pullback last weekend. While its short-term bearish remains intact on the daily scale, it is footing an increase with an inverse head-and-shoulder pattern.
The past month of trading has seen CRV through a temporal suspense in the short-term bearish as the price recovered steadily for three weeks. This brought a substantial increase and is now looking strong daily
Meanwhile, looking at the latest setup, it appears to be forming H&S – an inverse head-and-shoulder pattern on the daily chart. This classical pattern indicates a potential reversal in the bearish trend. If the pattern comes into play, we can expect a new positive sentiment in the market.
Currently, the market bias remains bearish on the short-term scale. An increase above last week’s high should bring a complete formation of the right shoulder before breaking out of the neckline. While this may signal a slight shift, we can anticipate a major rally once it reaches the top.
In the opposite direction, the bulls may lose control if supply increases. Should that happen, the price may roll back to the recent low. A break from there may cause a catastrophic loss. But with the look of things, CRV appears set for a surge following over 10% recovery in a month.
CRV’s Key Levels To Watch
Source: Tradingview
CRV currently eyes the $0.6 resistance level, tested last month. A surge above it should allow buying at $0.762, validating the bullish H&S pattern. Above this level lies the $0.92 resistance.
The latest surge is currently supported by $0.445. A fall below it could roll the price back to $0.347, with a potential breakdown to $0.27.
Key Resistance Levels: $0.6, $0.762, $0.92
Key Support Levels: $0.445, $0.347, $0.27
- Spot Price: $0.566
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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