Curve DAO Token (CRV) price action is showing similarities to the summer of 2024, when it tested macro support three times before a massive rally, according to the crypto analyst Sjuul.
The token may dip lower once more, triggering stop-losses and liquidating weak positions. This could set the stage for a final reversal, positioning CRV for an eventual breakout above $1.
Source: Sjuul X Post
Therefore, in case CRV is successful in breaking through the $1 price level, the asset may experience a major price rally, similar to the one seen in 2024.
Although the market seems to be volatile, investors who are patient enough to withstand the small declines may be in a good position to see a major price rally.
Also Read: CRV Extends Losses, Eyes $0.46 Target Amid Bearish Pressure
CRV Consolidation Indicates Possible Bullish Continuation
According to TradingView, the chart indicates price swings within a predetermined price band, as the price is currently trading close to the middle line.
This indicates a consolidation period in the market. This is a clear indication that the market is currently in a consolidation phase, where the price is stabilizing before making any significant moves.
Source: TradingView
Currently, the price is above the short-term 20-period EMA but near the 50-period EMA, suggesting that there may be a trend reversal or continuation.
The increase in price by 0.68% is a minor increase in price, which suggests that there is a slight increase in price or a bullish movement in the market.
Momentum Indicators Point to Early Signs of Growth
The Relative Strength Index (RSI), which is at 52.87, indicates that the asset is in the middle ground in terms of momentum.
This means that the asset is neither overbought nor oversold, which suggests that the market is in a balanced state and is neither leaning towards nor away from the asset.
The MACD indicator indicates a slight positive divergence, as the MACD indicator is at 0.00085 and the signal line is trailing at -0.00063.
This indicates that there is growing bullish pressure, and the gap between the two lines indicates that movement in that direction may be possible in the near future.
Also Read: Curve DAO (CRV) Price Shows Ascending Channel and Upside Potential