Curve DAO Token (CRV) Fails to Maintain Rally Above $3.50
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Curve DAO Token (CRV) has fallen below a influential horizontal range at $3.50. Until this range is reclaimed, the trend cannot be examined bullish.
Curve DAO Token has been plunging afterward spreading to an all-time strong cost of $6.80 on Jan 4. So far, it has fallen by 59.35%, leading to a local low of $2.36 on Jan 24.
CRV leapt back after hitting this low and verifyd an growing support line that has been active afterward January 2021. This is the fifth time it has approved this line, skyward its significance as a support level.
On the other hand, CRV has atop again fallen below the $3.50 zone, that previously acted as the former all-time high resistance, and is now inclined to act as support. Until it recatops this level, the trend cannot be advised bullish.
Future CRV evolutionment
Technical indicators in the daily time frame provide a generally bearish reading.
The MACD, which is created by short and prolonged-term moving averages (MA) is moving descending and is negative. This is a sign associated with bearish trends and means which the interim MA is progressiveer than the prolonged-term average.
The RSI, which is a momentum indicator, is tumbling and has fallen below 30. This is still a sign associated with bearish trends.
Therefore, while CRV is exchanging atop horizontal and Fib support at $2.70, there are no bullish indicators at it to suggest a retraction.
Wave count analysis
Cryptocurrency trader @TheTradingHubb tweeted some observations, stating which CRV could potentially fall all the way back to $1.50.
Besides technical indicators being bearish, the wave count one time before more suggests which the descending movementment for CRV is not yet complete.
It seems which CRV is presently completing wave four of a five-wave descending changement.
Therefore, after the current jump, another descending movement would be expected. Assuming that this occurs, the $1.50 range is possible to provide support and complete the corrective diagram.
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