CRV, the governance token of decentralized exchange Curve, is experiencing a constant downtrend for some time now. Currently, it is on a major support level.
In this article, we will look at the current price analysis, weekly price analysis, future outlook of CRV.
Current Price Analysis
CRV is currently trading at $0.48. The token has a market cap of $508.68 million, ranking 118th among all cryptocurrencies. The 24-hour trading volume is $39.36 million, mostly concentrated on Binance. The token has a circulating supply of 1.09 billion, out of a total supply of 2.07 billion. The fully diluted valuation of CRV is $969.64 million.
In a weekly time frame, the price is consolidating inside the descending triangle. Currently, it is lying above the horizontal support zone of the triangle. We have to wait for a successful breakout or breakdown.
Weekly Price Analysis
CRV is facing resistance at the $0.60 level, which coincides with the 50-day moving average. A break above this level could open the door for further gains towards the $0.70 and $0.80 levels, where the 100-day and 200-day moving averages are located. On the downside, CRV has support at the $0.50 level, which was the previous low before the exploit. A break below this level could trigger a sell-off towards the $0.40 and $0.30 levels, where the token found buyers in the past.
The weekly chart shows that CRV is still in a downtrend, as it has been making lower highs and lower lows . The token is also trading below the major moving averages, which are sloping downwards. The weekly RSI is at 38. The weekly MACD is negative, but showing signs of a bullish crossover. The weekly Bollinger Bands are narrowing, suggesting a period of consolidation.
Future Outlook
Curve is a stablecoin exchange that uses an automated market maker (AMM) to provide liquidity and low slippage for traders. The platform also offers high yields for liquidity providers, who can stake crypto to earn more rewards and governance rights.
Curve could benefit from the growing demand for stablecoin trading and DeFi services. CRV, as the native token of Curve, could also appreciate in value, as more users and liquidity providers join the platform and stake their tokens.
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