Despite the remarkable comeback in Q4 2023 with the overall market recovery, the CRV price hardly gave a 4% overall return in 2023. Taking a few bearish step-downs, the Curve DAO token price falls by 23% from the height of $0.72.
The recent pullback in the CRV price limits the possibility of a golden crossover in the daily chart and challenges the bullish dominance at $0.50. Hence, the volatile price trend and the slow market warn of a breakdown.
Nevertheless, the overall price trend sustains the higher low formation and bolsters an optimistic CRV price prediction.
Source- Tradingview
The sharp increase in trading volume supporting the downfall of 5.10% last Tuesday failed to crack the 61.80% Fib level. Following the recovery, the CRV price now teases a double-bottom reversal at the same level.
However, the lack of volume support to the bullsih reversal pattern questions the success rate amidst a slowing market. Moreover, the declining dynamic averages are turned resistance to the Curve DAO price trend.
Currently, the CRV price trades at $0.549 with an intraday growth of 1.86%, forming a bullish candle at crucial support.
Technical Indicators:
RSI Indicator: The daily RSI line shows the recovery trend, taking a sideways stroll as it approaches the halfway line. Hence, the recovery finds a short pause in the trend momentum.
EMA: The recent pullback hampers the recovery in the 50D and 200D EMA, resulting in a failed golden crossover. Moreover, the declining trend in the 50D EMA restarts as it turns into a dynamic resistance in the CRV price chart.
Will The CRV Price Reach $1?
With the buyers stepping in at the $0.50 mark that aligns with the 61.80% Fib level, the bull run chances in CRV price are average. This is because, overall, the market is slowing down as the Bitcoin Spot ETF fails to keep the spirits high.
Hence, the sideline traders may find the bullish break of the double bottom pattern as an entry opportunity. In case of a breakout, the uptrend shows potential to challenge the $0.72 high in hopes of a breakout run to $1. On the flip side, a downfall under $0.50 will test the bottom supports at $0.47 or $0.40.
Credit: Source link
