The recent $0.534 monthly support breakdown was offset by a V-shaped recovery in Curve Dao’s coin price. This fake breakdown scenario drew more buyers into the market, forcing short sellers to liquidate. The ongoing rally could soon test the four-month-long resistance trendline to regain the bear momentum. Is it safe?
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Brian Bollinger The recent fall from the $0.534 monthly support is offset by a V-shaped recovery of Curve Dao’s coin price. This fake breakdown scenario facilitated more buying orders in the market, as it forced short sellers to liquidate. However, the ongoing rally may soon retest the four-month long resistance trendline to replenish the bear momentumadvertisementKey points:A daily candle closing above the $0.535 level will accelerate the bullish momentum
To establish a sustained uptrend, the trendline breakout must occur.
The intraday trading volume for the CRV token was $629.5 Million. This indicates a 1000.5% gain.
Source: Tradingview The Curve Dao coin’s price has been steadily falling over the past four month due to a downward trendline. This dynamic resistance has seen several reversals, indicating that sellers are actively selling at this trendline. Trending StoriesThe FTX-crypto exchange crash caused the CRV coin to experience its last correction from an overhead trendline. This led to a 6.68% drop to the $4 mark. The altcoin saw a sudden rise in buying pressure which drove the prices up to 82.4%. The altcoin experienced a sudden surge in buying pressure over the last three days, pushing the prices up 82.4%. The rising Curve Dao price, backed by decreasing volume, indicates that the current bull run may be temporary. However, Curve Dao currently trades at $0.681 and has breached horizontal resistance of $0.534. This breakout should increase the bullish sentiment and prolong the current recovery. To reach the overhead trendline, the coin price must rise by more than 30% if there is continued buying. If the overall market remains bearish, Curve Dao’s coin price could see another reversal. Thus, the sidelined buyers waiting for a long entry opportunity should surpass the resistance trendline.Technical analysisRSI: The daily-RSI slope jump above the neutral indicates the improving market sentiment.EMAs: the downsloping crucial EMAs(20, 50, and 100) adventures an established downtrend and provides dynamic resistance against a bullish pullback.advertisement Curve Dao Coin Intraday levelSpot price: $0.681
Trend: Bearish ok
Volatility is high
Resistance levels: $0.8 and $1.02
Support levels: $0.688 and $0.534
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