CRV Price Action
When the price of the CRV token decisively broke out from a significant resistance zone of $3.67-$3.47, it signalled a level up for its investors. This unexpected rise pushed the price up to $5.5 before collapsing.
This brief retracement brought the token price down to $3.67, where it will be retested for good support. So far, the chart shows solid purchasing pressure for this cryptocurrency, with a bullish engulfing candle bouncing back.
The market price of the CRV cryptocurrency is trading far above its moving averages (EMAs 20, 50, 100, and 200), indicating a strong rally. Furthermore, the 20 EAM line has lately been repossessed by the price.
The token’s RSI rating of 58 suggests a positive attitude. However, the RSI value for the token’s price action has dipped dramatically, indicating weakness in this rise.
Massive rally on cards!
Credible Crypto, a pseudonymous analyst with 267,000 Twitter followers, predicts that CRV, Curve’s governance token, would hit $40 in the near future, representing an 811 percent increase over current rates.
Curve’s platform has more total value locked (TVL) than any other DeFi protocol in the business, according to the analyst, with the vast bulk of its supply locked up for long periods of time.
“A 10x on CRV from here is not only possible but probable”
With $20 billion in TVL, 90 percent supply locked for nearly four years, and a technical breakout of a nine-month accumulation structure, it’s a reasonable estimate for the dominant DeFi protocol in the space. By the end of the cycle, the CRV will be at least $40, he says.