Curve DAO (CRV) soars 11% amid market downturn, Here’ why

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In this ongoing bearish market sentiment, the Curve DAO (CRV) is gaining massive attention from investors and traders due to a significant price surge. Amid this upward momentum, a whale caught moving notable CRV tokens from Binance, as reported by an on-chain analytic firm Lookonchain. 

Whale moves 5.5 million of CRV from the exchange 

Today, on August 1, 2024, Lookonchain made a post on X (previously Twitter) stating that a whale address “ 0xf59” has moved a notable 5.5 million CRV tokens worth $1.55 from Binance. However, the same whale has withdrawn over 18 million CRV tokens worth $5.07 million from the cryptocurrency exchange in the last two days.

Meanwhile, the continued accumulation of CRV at its lowest price range hints at massive upside momentum in the coming days. Additionally, this might be the potential reason behind CRV’s massive price surge.

Curve DAO (CRV) price-performance analysis

As of now, top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have experienced a price drop of over 2.5%, 5%, and 7.5% respectively, in the last 24 hours.

Whereas, the CRV token is currently trading near $0.28 and has experienced a price surge of over 11% during the same period. Despite this price surge, CRV’s trading volume has also jumped by 106%, signaling higher participation from investors and traders. 

Along with trading volume, CRV’s open interest (OI) also experienced a massive jump of over 37.5% in just 24 hours. This notable surge in OI hints at a higher level of inverters and traders’ interest in CRV tokens.

CRV price prediction 

According to expert technical analysis, CRV looks bullish but in a 4-hour time frame, it is experiencing resistance from the 200 Exponential Moving Average (EMA). Based on historical price momentum, if CRV’s 4-hour candle gives a strong closing above the $0.30 level, then it could experience a 15% price surge and hit the $0.35 level. 

Source: TradingView

However, on a weekly time frame, CRV has been struggling in a consolidation zone between $0.25 and $0.30 levels for the last five weeks. If this bullishness continues and consolidation breaks, we may see a massive price surge in the coming weeks.