Disclaimer: The findings of the next evaluation are the only real opinions of the author and shouldn’t be thought-about funding recommendation
- Curve DAO [CRV] is up 5% within the final 24 hours
- Worth/quantity divergence may result in a worth correction within the brief time period
Curve [CRV] rallied after dropping over 20% in latest days. The rally responded to a voted proposal on the AAVE community to safe CRV and different tokens amid excessive market circumstances and migrate to AAVE V3.
Learn Curve’s [CRV] price prediction 2023-2024
At press time, CRV was buying and selling at $0.672 however encountered vital resistance to the north. As well as, a price-volume divergence may complicate any try at additional worth restoration.
CRV faces a direct bearish order block round $0.715; will the bulls have the ability to get round it?
A Fibonacci retracement software (yellow) was positioned between the very best and lowest worth factors between 20 and 29 November. The white strains are development strains marking essential assist and resistance ranges inside the drawn interval.
It was seen that the latest CRV worth correction discovered assist at $0.633, close to the 61.8% Fib retracement stage. Moreover, this present assist stage supplied bulls a chance to provoke a brand new worth rally on the time of the writing.
Nevertheless, the rally confronted vital resistance on the 78.6% Fib stage ($0.682) and the bearish order block zone round $0.715. If the bulls break the resistance at $0.682, the brand new goal could possibly be $0.715.
The Relative Energy Index (RSI) witnessed a slight upsurge and stood simply above the impartial 50 stage. This confirmed that the bears misplaced their floor, and the bulls have been approaching to take full management. Though a near-neutral mark didn’t point out clear power on both aspect, the upward curve instructed that the bulls may advance additional.
Moreover, the On-balance Quantity (OBV) additionally recorded an uptick after a sequence of highs adopted by a flat line. This confirmed that the bulls had sufficient buying and selling quantity to push them ahead. Subsequently, the short-term outlook of CRV between the 61.8% Fib stage and $0.715 could possibly be bullish.
Nevertheless, a break beneath the 61.8% Fib stage ($0.622) would negate the above inclination. Such a break may result in a downtrend towards the 50% Fib stage ($0.580) or beneath.
Worth/quantity divergence may result in a worth correction
In accordance with Santiment, CRV confirmed a reducing buying and selling quantity when costs have been rising. Moreover, the energetic deal with steadily elevated inside the final hour of press time however later dropped. This indicated a decrease variety of accounts collaborating in CRV buying and selling and will level to a doable worth correction.
Curiously, CRV misplaced the $0.64 stage after Bitcoin [BTC] misplaced $16.2. Subsequently, short-term CRV traders ought to watch BTC’s efficiency and the present price-volume divergence.