Curve DAO (CRV) is showing early signs of recovery after the correction as the price begins to stabilize. The token is forming a rising pattern, which may signal a shift towards a bullish trend. The focus is now on whether key support levels hold.
At the time of writing, CRV is trading at $0.4270, posting a 24-hour trading volume of $185.50 million and a market capitalization of $619.73 million. The token has recorded a 1.19% price increase over the last 24 hours, suggesting mild buying pressure returning to the market.
Curve DAO (CRV) Holds Rising Channel Support
Noted crypto analyst Alpha Crypto Signal pointed out that CRV is presently trading inside a well-established Ascending Channel on the higher time frame. This indicates that the market is transitioning towards a bullish position from the previous downtrend.
The analyst pointed out that Curve DAO (CRV) continues to make higher highs and higher lows while respecting both the upper and lower bounds of the channel. It was also noted that the midpoint of this channel is currently acting as a short-term decision point.
So long as CRV is above the lower support level of the channel, the bullish bias is still valid. A movement towards the upper channel is a possibility if the accumulation of buying interest continues. However, a strong breakout below the channel support level may weaken the current pattern and pose a possibility of a further decline.
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CRV Forms Triple-Tap Base for Breakout
To this analysis, analyst CrediBULL Crypto further added that they went long on a retest of a new daily demand area on CRV. They emphasized that “price has formed a triple-tap base, a chart pattern that previously developed on XRP before its breakout into its expansion phase.
This pattern indicates that in case of an increase in momentum, it is expected that the lows of the base will remain important support levels, which act as a stop loss region as well.
CrediBULL Crypto further elaborated that the best time to buy would have been during the previous test of this region, but even during the current return to daily demand, there is still a decent entry point. However, profit targets are not set in stone yet.
Overall, Curve DAO (CRV) is displaying positive technical indicators, while analysts are also keeping a close eye on whether it is possible to sustain support to gain enough strength for an upward move.
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