Curve DAO Token (CRV) Falling Wedge Formation Signals a breakout to $0.79
- Curve DAO Token is showing a falling wedge pattern, suggesting a potential bullish breakout.
- Oversold conditions observed in technical charts hint at a possible short-term price rebound.
- Analysts highlight key resistance levels at $0.43, $0.52, $0.63, and $0.79 for possible upward moves.
Curve DAO Token (CRV) has shown notable fluctuations in recent trading sessions. Technical signals, such as EMAs and MACD, point to continued bearish momentum; however, analysts highlight a potential bullish reversal, citing a falling wedge formation, accumulation phases, and rising buying activity.
At the time of writing, CRV is trading at $0.3668, supported by a 24-hour trading volume of $98.65 million and a market capitalization of $523.44 million. Its price has declined by 2.52% over the last 24 hours, but it is showing stability over the last week.
Source: CoinMarketCap
Also Read: Curve DAO Token Price Forecast: Will CRV Break $0.75 Resistance in This Cycle?
CRV Eyes Breakout as Falling Wedge Pattern Emerges
The crypto analyst, Jonathan Carter, highlighted that the Curve DAO Token (CRV) is showing signs of a bullish breakout as a falling wedge pattern emerges. The chart for CRV, on the 12-hour timeframe, shows the upper boundary has already been touched, which indicates a transition out of its accumulation phase soon. The accumulation phase is over for CRV, as its buying pressure is intensifying.
The technical indicators suggest the start of momentum, which supports the trend of an upward movement. Analysts observe that the structure of the rally remains intact, suggesting a continued bullish potential. Market participants are observing the volume and price movements that would confirm a breakout trend, leading to a significant buying interest in CRV, driving it to new levels of prices.
Source: Jonathan Carter
Price targets are expected to be $0.430, $0.520, $0.635, and $0.790, which are important levels of resistance for investors. If this scenario unfolds, CRV may enjoy a measured rally. Investors are advised to closely watch their momentum indicators to benefit from this upside opportunity.
CRV Shows Reversal Signs After Hitting Oversold Levels
From the chart, it can be noted that the past year has been characterized by high volatility in terms of peaks and troughs experienced by the token. Particularly in late 2023 and mid-2024, when price touched higher levels above the upper band but then reverted to the middle band. Presently, the prices are at $0.367 near the lower band, suggesting potential oversold conditions.
Source: TradingView
All major EMAs, 20, 50, 100, and 200-week EMAs, lie above the current market price, indicating an overall bearish trend. The short-term EMA (20) at $0.522 is the immediate level of resistance. MACD analysis also shows an overall bearish trend, as the histogram is negative, and the MACD line is below the signal line. The recent minor bullish change of +5.14% shows signs of a temporary relief.
Also Read: Curve DAO Token (CRV) Consolidates Between Key Levels, Targeting $0.70 Breakout
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