While most Defi tokens are finding it difficult to bounce back in the recent upsurge, CRV found a strong footing and showed strength. It is now gaining traction after sparking a 20% gain in the past 72 hours.
The past two weeks’ trading has been a bit rough for the CRV bulls as they struggle with volatility. However, this week has been interesting for the bull following a major surge in the last 48 hours. The price entered the $0.4 range and now looks very bullish on the hourly timeframe.
This surge came as a result of rising demand and as seen on the daily chart, it seems to just start bullish as the price broke out of resistance.
Right now, the bulls are eyeing the $0.5 level, which is likely to pose a threat soon. If they surpass that level, we can anticipate more rallies in the next few weeks. The build-up is getting stronger on the weekly chart.
Meanwhile, CRV’s structure is still considered bearish from a mid-term perspective. Technically, the price remains weak despite the latest surge in volatility. If the bears intercept the latest move, the price may roll back to the bottom before picking up.
But looking at the latest reversal pattern, the bulls will most likely sustain pressure for a while as they are now in control from a short-term perspective. A shift in the market structure is already taking place.
Curve’s Key Levels To Watch
The $0.455 resistance level is an immediate barrier to watch. If the price continues to surge, the next resistance levels to consider for a test would be $0.515 and $0.595.
Currently, the $0.367 level is providing support for the market. A drop below it could cause a little drawdown before picking up. Other levels to consider for support are $0.322 and $0.267.
Key Resistance Levels: $0.455, $0.515, $0.595
Key Support Levels: $0.367, $0.322, $0.267
- Spot Price: $0.411
- 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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