Disclaimer: The findings of the next evaluation are the only opinions of the author and shouldn’t be thought of funding recommendation
- Curve DAO [CRV] is up 5% within the final 24 hours
- Value/quantity divergence might result in a value correction within the brief time period
Curve [CRV] rallied after dropping over 20% in current 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] value 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 might complicate any try at additional value restoration.
CRV faces an instantaneous bearish order block round $0.715; will the bulls have the ability to get round it?
Supply: TradingView
A Fibonacci retracement device (yellow) was positioned between the best and lowest value factors between 20 and 29 November. The white strains are development strains marking vital help and resistance ranges inside the drawn interval.
It was seen that the current CRV value correction discovered help at $0.633, close to the 61.8% Fib retracement degree. Moreover, this present help degree supplied bulls a possibility to provoke a brand new value rally on the time of the writing.
Nonetheless, the rally confronted vital resistance on the 78.6% Fib degree ($0.682) and the bearish order block zone round $0.715. If the bulls break the resistance at $0.682, the brand new goal may very well be $0.715.
The Relative Energy Index (RSI) witnessed a slight upsurge and stood simply above the impartial 50 degree. This confirmed that the bears misplaced their floor, and the bulls had been approaching to take full management. Though a near-neutral mark didn’t point out clear power on both facet, the upward curve recommended that the bulls might advance additional.
Moreover, the On-balance Quantity (OBV) additionally recorded an uptick after a collection 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 degree and $0.715 may very well be bullish.
Nonetheless, a break under the 61.8% Fib degree ($0.622) would negate the above inclination. Such a break might result in a downtrend towards the 50% Fib degree ($0.580) or under.
Value/quantity divergence might result in a value correction
Supply: Santiment
Based on Santiment, CRV confirmed a reducing buying and selling quantity when costs had been rising. Moreover, the lively handle 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 potential value correction.
Curiously, CRV misplaced the $0.64 degree after Bitcoin [BTC] misplaced $16.2. Subsequently, short-term CRV buyers ought to watch BTC’s efficiency and the present price-volume divergence.
