Curve DAO Token is Up By 6%, Is This a Comeback, or Will it Fade Into the Charts?

• Curve DAO Token (CRV) is currently trading at $1.06.
• Its daily trading volume has surged by over 31%.

The bearish turn in the crypto market has brought in mixed signals across the assets. Some tokens are trading in green and some in red, retracing to their previous lows. Bitcoin (BTC), the largest asset, has slid to $116.1K. Meanwhile, the Curve DAO Token (CRV) has spiked by over 6.26% despite the prevailing bearish pressure.

In the early hours, CRV has broken through the critical resistances between $0.9390 and $1.04 levels, from the bottom range of $0.9385 to a high of $1.09. Extended gains may push the price up. At the time of writing, Curve DAO Token traded within the $1.06 zone, according to CMC data.

CRV’s market cap has reached $1.45 billion, with the daily trading volume has surged by over 31.38%, touching $656million. As per Coinglass data, the market has witnessed a 24-hour liquidation of 2.27 million worth of Curve DAO Token over the last 24 hours.

Notably, Curve DAO Token’s monthly trading chart has registered a solid 88% gain. The asset began trading at $0.56, and the monthly low is marked at $0.49, and a sudden bullish shift triggered the price to a high at around $1.

Can Curve DAO Token Keep Up the Momentum?

Curve DAO Token’s four-hour price graph exhibited bullish presence. If the active momentum expands, the price could mount and hit its nearest resistance at $1.11. With the steady upside correction, the asset might extend its gains above the $1.16 mark. Upon a reversal, the asset’s price might face a series of support ranges. CRV’s immediate support could be at $1.01. Further correction on the downside could likely trigger the asset’s price to revisit the former low at the $0.96 level or even lower.

Moreover, the asset’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line. This crossover points to a positive outlook, and the asset’s uptrend may continue. Curve DAO Token’s Chaikin Money Flow (CMF) indicator value at 0.17 implies a positive money flow into the asset, a moderate level of accumulation. Also, moderate buying pressure is found in the market.

Furthermore, the daily Relative Strength Index (RSI) of the asset stationed at 64.44 suggests the bullish momentum might grow further and likely approach the overbought territory. CRV’s Bull Bear Power (BBP) reading of 0.1137 indicates a mild bullish bias in the current market. The bulls may actively push the price higher.