curve dao
Curve DAO (CRV)

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

curvedao price analysis
Source: Tradingview

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.

Image Source: karnoff/123RF // Image Effects by Colorcinch

Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry


Please enter your comment!
Please enter your name here