- CRV has seen a surge of 7.33% in the last 24 hours.
- Curve Dao defies market odds with increased accumulation.
While Bitcoin [BTC] and other altcoins face some downturns, Curve DAO [CRV] is carving its own path.
After dropping to a low of $0.687, Curve Dao has been on an upward trajectory for three consecutive days.
Recent days have seen the altcoin reach a high of $0.93. Currently, Curve Dao is trading at $0.836, marking a 7.33% increase in the past 24 hours. Prior to this surge, CRV had been declining by 22.94% on weekly charts.
As the trend reversal appears imminent, the question arises whether CRV can sustain its bullish momentum and continue the uptrend.
Analysis of CRV Charts
According to analysis by AMBCrypto, Curve Dao is gaining momentum with increased accumulation from both retail traders and whales.
Source: Santiment
Large holders have been accumulating CRV, with the supply held by whales increasing from 1.44 billion to 1.48 billion. This indicates confidence in the market and an expectation of price appreciation.
Source: Coinglass
Additionally, Curve’s Spot netflow has been negative, indicating active accumulation by investors. This withdrawal of assets from exchanges to private wallets or cold storage signals bullish sentiment and a reduction in immediate supply.
Source: Tradingview
The bullish outlook is further supported by CRV’s Stoch RSI showing a bullish crossover, indicating increasing bullish momentum and a potential trend reversal.
Source: Santiment
CRV’s MVRV score ratio suggests the asset is currently undervalued, presenting a buying opportunity for investors despite short-term bearish sentiment.
Is your portfolio in the green? Use the CRV Profit Calculator to find out.
Prospects for Continued Uptrend
Curve Dao stands out in the bearish market due to increased accumulation as buyers seize the opportunity to invest. With optimism from both retail traders and whales, it appears CRV is poised for a trend reversal and potential continuation of the uptrend.
If current conditions persist, CRV could experience further price gains and target the $1.1 resistance level. However, if bearish sentiment prevails, CRV could face a decline to $0.69.
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