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Published 13 hours ago

The Curve Dao(CRV) has been walking a sideways trend for nearly four months. A cup and handle pattern forms on the weekly time frame chart, reinforcing a bullish reversal sentiment among market participants. However, the supply zone at $1.22 resistance restricted the buyers growth and could keep the trend control in the sellers hands.

Source- Tradingview

The CRV/USDT pair is currently going through the handle portion of the pattern and should push the prices higher to rechallenge the $1.5-$1.55 neckline resistance. So far, the handle portion was supported from the $1 psychological level and surged 23% up to a mid-resistance level of $1.22.

However, the low volume activity during this recovery and long-wick rejection in weekly chart charts indicates weakness in buyers commitment.

Source- Tradingview

The daily chart accentuates the supply pressure at $1.22 resistance, as the CRV price has been rejected several times from this level. Early today, the coin was 4% up with strong support from volume activity; however, the sellers eventually reverted the prices lower to reflect a high price rejection candle.

This rejection hints at another reversal from the $1.22 level, which may assist sellers in pulling the altcoin back to the $1 mark. A daily candlestick closing below this support will offset the bullish pattern mentioned above and prolong the current price correction.

As a result, the CRV price may drop to the following support levels $0.86, $0.68, or June bottom support of $0.55.

Though it seems the sellers have the upper hand, a bullish breakout from $1.2 will regain a ray of hope for buyers. Later the price may respond to the cup and handle pattern and attempt to surpass the $1.55 barrier.

Doing so will complete the price pattern and the accelerated bullish momentum that could surge the prices to the $2 mark.

Relative Strength Index: A daily-RSI slope jumped just above the midline(50%), indicating the traders feel optimistic about this coin.

EMAs(weekly): the technical chart shows the CRV price has reverted from the downsloping 20 EMA over the past seven months. Thus, this dynamic resistance puts formidable barriers against buyers to initiating a recovery rally.

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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