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Technical Indicators Suggest Optimistic Outlook For CRV

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Cryptocurrency 9 minutes ago (Jul 06, 2022 11:30AM ET)

Technical Indicators Suggest Optimistic Outlook For CRV Technical Indicators Suggest Optimistic Outlook For CRV

  • CRV’s price experienced a 14.06% gain in the last day.
  • The token has been in a positive daily rally for the last couple of days.
  • TA indicators show that CRV’s upward move is just beginning.

Curve DAO Token (CRV) has climbed in price by double digits over the last 24 hours according to the crypto market tracker CoinMarketCap.

CRV’s price experienced a 14.06% gain in the last day as its positive daily streak continues. At the time of writing, the price of CRV stands at $0.963. As a result, its fully diluted market cap now totals $3,189,572,896.

The 24-hour trading volume for CRV has also picked up. Currently, the 24 hour trading volume for CRV is around $286,233,060 — a 86.19% increase.

Daily chart for CRV/USDT (Source:CoinMarketCap)

The daily chart for CRV/USDT shows how the price of CRV successfully challenged and flipped the former resistance level at $0.795 to continue its multi-day positive streak upwards.

CRV’s price still has room to move as it has some margin to cover before it reaches the next resistance level at $1.120. Should CRV move from its current levels to the aforementioned resistance level, it will be a further 16.3% move up. There are some momentum technical indicators that suggest that CRV’s price will continue to climb.

The first technical indicator is the Relative Strength Index (RSI) which is well above the RSI SMA line. In addition, the RSI’s slope is also positive — indicating that there may be more buy orders entering the market.

The next technical indicator is the positions of the 9 Simple Moving Average (SMA) line and the 20 SMA line relative to each other. In the last 4-5 days, the 9 SMA has crossed above the 20 SMA to signal a bullish reversal of the former bearish trend.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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