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The CRV Technical Analysis displays a declining trend within the influence of a resistance trendline leading to a descending triangle pattern.
The CRV price action displays a 44% decline in the market value with the recent descending triangle pattern forming in the daily chart. Currently, the price action shows a consolidation phase which may shortly lead to a breakout entry opportunity.
The Curve Dao price action shows a long-coming resistance trend line in the daily chart.The declining trend in the crucial daily EMAs project a long-term bearish trend.The intraday trading volume in Curve Dao is $60 million.
Source – TradingView
CRV Technical Analysis
The CRV price action shows a bullish failure to exceed the $1.5 resistance level leading to a declining trend under the influence of a resistance trendline. Furthermore, the price action displays a descending triangle pattern forming in the daily chart.
The bearish pattern accounts for a 40% decline in market value within two months resulting in the fallout of $1 and the 50-day EMA. Currently, the market value takes support at the $0.85 horizontal level leading to a consolidation range with the overhead resistance of $1.
Furthermore, the increasing number of Doji candles projects a high likelihood of a bullish turnaround. Hence the bullish breakout of the consolidation range will unleash the trapped momentum resulting in a jump, potentially leading to a bullish breakout of the descending triangle. Moreover, the sideline traders can expect a bullish breakout rally to increase the market value by 30% to reach the $1.29 resistance level.
Conversely, the bearish breakout of $0.85 will increase the selling spree to reach the $0.55 mark.
The RSI slope displays a lateral trend in the nearly oversold zone, reflecting a bearish struggle to retain trend control. Moreover, the bullish crossover in the MACD indicator reflects increasing buying pressure projecting a potential bullish breakout.
Therefore, the technical indicators show a growing bullish inclination in the underline sentiments. As a result, the CRV technical analysis forecasts a bullish breakout of the $1breakout.
Resistance Levels – $1 and $1.29
Support Levels – $0.85 and $0.55