CRV Price Analysis: Here’s How CRV Can Rise To $1!

The post CRV Price Analysis: Here’s How CRV Can Rise To $1! appeared first on Coinpedia Fintech News

CRV price is trading in a falling channel with an overall bearish trend in the daily chart. The coin price is trading at a 99.16% discount from its all-time high of $60.50. These critical bearish data points make it difficult to imagine a bullish reversal in the Curve DAO token. 

However, the CRV price trend seems to improve in the short-term trend, increasing the possibility of a bullish fightback.

Reversing from the $0.40 mark, the CRV price starts a positive cycle in a falling channel present in the 1-D chart. Similar to most of the underperforming coins, the Curve DAO token fails to hold critical support levels and gives a bearish breakout. 

However, the current reversal breaks above the $0.49 barrier and reclaims the psychological mark of $0.50. Currently trading at $0.5080, the CRV price surpasses the 50-day EMA but struggles to sustain above the EMA. 

The overhead resistance at $0.60 proves to be the next barrier for the uptrend as per the price action. The higher price rejection in the previous daily candle reflects a significant supply inflow at the horizontal zone. 

Moreover, the technical indicators maintain an optimistic viewpoint on the upcoming trend. 

Technical indicators:

MACD: The MACD and signal lines on the daily chart have crossed over and formed a bullish gap, increasing the likelihood of an uptrend.

RSI: The daily relative strength index (RSI) line has risen from the oversold zone, indicating a potential bullish reversal.

Will CRV Price Reach $1?

The overall CRV price action reflects a rounding bottom pattern in the daily chart with possibilities of an inverted head and shoulder. Moreover, the positive cycle might improve the social sentiment around Curve DAO a bit. 

Considering the uptrend sustains in the CRV coin price, its market value can reach $0.80 with a $0.60 breakout. Moreover, the channel breakout will push the coin price to $1. 

On the flip side, a reversal below $0.50 will prolong the downtrend to $0.40.