Amid the mid-September recovery wave in the crypto market, the Curve Dao coin price demonstrated a bullish bounce precisely from its 22nd November 2022 low of $0.4. Amid this reversal. The coin surged by approximately 34% within just a two-week timeframe, bringing its current trading price to $0.51. However, is this surge in momentum substantial enough to kickstart a new bullish trend for the CRV token?
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Is Current Recovery Sustainable?
- The crypto buyers may face high supply pressure at $0.6.
- A bullish breakout from the channel pattern could bolster a fresh recovery trend.
- The intraday trading volume in CRVer is $34.2 Million, indicating a 4.5% gain.
Source- Tradingview
In the daily chart, the Curve Dao coin price displays a V-shaped recovery pattern originating from $0.4 support. Backed by increasing trading volume, this pattern signals aggressive buying and has the potential for rapid gains in the short term.
However, the coin seems to be facing a resistance zone around the $0.55 level, possibly due to short-term traders booking profits. Should supply pressure increase, this altcoin could experience a minor pullback to levels like $0.5 or even $0.45 to regain its bullish stamina.
If the present recovery trend persists, the CRV price could aim for another 10% upswing to challenge the upper boundary of a long-standing channel pattern. Looking at the bigger picture, the CRV token has been subjected to a protracted correction phase, contained within a falling channel pattern that dates back to February 2023.
This pattern has been the governing force behind this coin’s price action for nearly seven months. As a result, any anticipated bullish movement is likely to meet renewed resistance at the channel’s upper boundary. Should the sellers successfully defend this line, it could trigger a new bearish cycle within the channel, prolonging the downtrend further.
Will CRV Rally Continue to $1?
For investors bullish on CRV, a wait-and-see approach is advisable until a definitive breakout above the channel’s upper resistance is confirmed. In a post-breakout scenario, each bullish swing retesting the upper trendline could serve as a milestone for potential targets. Successfully completing this pattern could catapult the CRV price toward the next resistance level of $0.087, followed by loftier targets at $1.1 or even $1.3.
- Exponential Moving Average: The reclaimed 20-and-50-day EMA could offer additional support to buyers
- Average Directional Index: The ADX slope nearing 40% usually reflects exhausted momentum in the current dominant force and therefore, a minor pullback is plausible.
