Curve DAO Token saw a significant upsurge last month with an over 100% rally to retest the September 2022 resistance. The resistance was sharply rejected with an evening star candle and led to the current downturn.
Last week saw CRV through a major crackdown after experiencing an approximately 200% upsurge in ten weeks.
This crackdown puts the price at a three-week low of $0.9. It temporarily held that price level and retested briefly above $1 yesterday. This bounce brought a 15% increase into the market overnight, but the gains may wash soon.
It looks promising on the weekly chart, but there’s a need for a retest, which is currently in play. The bears are trying to take charge today, but their commitments are not strong enough at the moment.
A significant pull under the $1 psychological level will give them the confidence to claim lower levels, especially the recent three-week low, which now poses another level to crack.
However, if the bulls reiterate yesterday’s action and push higher, they will have to overcome the Feb 8 high before we can start to consider more positive actions to come into play.
While the cryptocurrency currently trades in a bullish zone, we should expect a drawdown in the next few days as CRV remains overdue for a retracement.
Cardano’s Key Levels To Watch
The $0.9 support level is expected to pose threat to the bears in the next leg-down. The immediate support level to pay attention to is $0.76 in case of a crack.
Another support level to watch out for is $0.64. a retest on the trend line could bring the price as low as $0.55 if the retracement deepens.
CRV has faced resistance at $1.07 over the past hours. If it conquers that resistance, the next level of interest will be $1.15 and potentially $1.25, marked as a selling point during last week’s trading.
Key Resistance Levels: $1.07, $1.15, $1.25
Key Support Levels: $0.9, $0.76, $0.64
- Spot Price: $1.03
- Trend: Bearish
- 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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