Briefly –
- CRV broker out of a long-term downward resistance line.
- Also, the alt broke out of a near-term ascending channel.
- CRV/BTC has climbed past the resistance area at 8,350.
Curve DAO Token managed to reclaim the horizontal resistance area at $4 and wavers about 25% beneath its ATH.
In December, CRV overpowered a descending resistance that showed resilience since April. Nevertheless, the alt recorded a $6.4 on 25 November. Though Curve DAO declined afterward, it authorized this resistance as support of 4 December and bounced. After that, it reclaimed the horizontal area at $4.
CVR has its technical indicators suggesting bullishness. The Moving Average Convergence Divergence stayed positive while moving up, which signifies bullish trends as the long-term MA moves slower than the near-term one.
Moreover, the Relative Strength Index crossed past 50-level. That reflects price optimism also. CRV has the nearest resistance at ATH of $6.40. Overcoming this hurdle will open the road towards the resistance at $8.60, formed by 1.61 external Fibonacci retracement resistance when quantifying the latest plunge.
@TradingTank, a crypto trader, tweeted a Curve DAO token chart, revealing that the asset’s price can surge towards $8. That matches the resistance formed by the 1.61 external Fibonacci resistance level.
Near-Term Breakout
According to the 6-hour price chart, CRV broke out off a near-term ascending channel. The alt faces the resistance mark at $5.20, formed by 0.618 Fibonacci retracement resistance. Once Curve Dao Token surged past this mark, it will surge without obstacles towards the ATH price. Similar to the daily chart, the RSI and MACD are surging, confirming the upward movement continuation.
CRV/BTC
Also, CRV/BTC price chart depicts bullishness. The alternative coin has moved past the satoshi resistance mark at 8,350. This area has served as a resistance level since the year began. If the crypto maintains an upward movement, it will encounter the following resistance zone at 12,350 SAT, formed by 1.61 external Fibonacci retracements when gauging the lasted plummet’s portion.
While writing this blog, Curve DAO Token trades at $5.18 with 24hr gains. Analysts believe ATH’s are on the way as the alt shows massive bullishness. However, let’s see what the up-and-coming sessions will have. Stay tuned.