Curve DAO (CRV) Token bulls have taken control owing to traders’ enthusiasm about the upcoming launch of the curve USD (crvUSD) token. As confidence grew, the price of CRV fluctuated between $0.902 and $1.08, its support and resistance levels. As of press time, the bulls had driven the price up 12.55% to $1.05.
The market capitalization increased by 13.01% to $769,338,026, while the 24-hour trading volume increased by 289.21% to $310,033,809. Increased money and trading activity in the cryptocurrency market may be attributable to this trend, indicating that investor confidence in the industry is expanding.
CRV/USD 24-hour price chart (source: CoinMarketCap)
The Keltner Channel bands are moving northwards, with the upper band at 1.09406053 and the lower band at 0.91437688, showing a strong market movement, signaling that the market is in an uptrend and that the currency pair is in great demand.
Price action nearing the upper band indicates that the market is now in an uptrend, and traders should take short positions when the price approaches or breaks above this upper band to profit from the current market trend. This motion is a “channel breakout” utilized to benefit from the market.
Given that the ATR is in the positive territory at 0.04457459, the market is trending upwards; however, the trend’s strength is waning as it heads south. This move warns traders to watch the upper band and be ready to cover their short positions if the price breaks above it. This siignifies a market trend reversal.
CRV/USD 4-hour price chart (source: TradingView)
With a value of 0.01143416, the MACD blue line is advancing above its signal line and into the positive zone, indicating that the trend is gaining traction and that traders should take advantage of this chance to benefit from their long holdings. Furthermore, the MACD histogram crosses above the MACD line in the buoyant sector, suggesting that the bullish momentum is rising.
On the price chart for CRV, a bearish crossover occurs as the 100-day MA moves below the 20-day MA (touching at 1.04160562 and 0.097956113, respectively). This occurrence might signify the beginning of a downward trend in CRV pricing as traders and investors seek selling chances in response to the negative signal provided by the crossing. Due to the negative signal indicating a possible change in trend direction from up to down, investors should be cautious about additional drop in the price of CRV.
CRV/USD 4-hour price chart (source: TradingView)
Technical indicators are increasingly pointing north, indicating a bullish momentum; nevertheless, traders should tread warily.
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Source: Cryptocurrency - investing.com
