Amid uncertain market conditions, altcoins are at crucial support levels. The Curve DAO Token (CRV) is currently navigating through a critical phase as it trades within a descending channel.
Currently trading at $0.4608, CRV has shown a gain of 10.18% in the last 24 hours. The token has been experiencing downward pressure since December 2024, forming a descending channel pattern that suggests continued bearish sentiment.
Curve DAO (CRV) Price Analysis
The CRV price action shows a bearish trend since December 2024. CRV has declined around 62% from its high of $1.33 to the current price of $0.46.
The Curve DAO token has been making lots of lower highs and lower lows, indicating a textbook bearish trend. However, despite the declining market trend, the CRV has stabilized near $0.36. As the CRV price advances from the 0 Fib level ($0.36), a crucial support base is formed.
EMAs also don’t show any positive view. The 20-day EMA ($0.48) has sunk below the 50-day EMA ($0.49), and both show the trend towards the direction of the 100-day EMA ($0.54).
The bearish EMA alignment suggests the continuation of the bear pressure, though the recent price action has shown some signs of winning the 20-day EMA back.
Fibonacci retracement levels show CRV is currently trading between the 0 level ($0.36) and the 0.236 level ($0.55). The token has repeatedly found support at the 0 level, suggesting this zone represents significant buyer interest and could serve as support for potential recovery.
The MACD indicator gives the first possible signs of a bull market. The MACD line (−0.0069) has gone up to −0.0002 on the signal line, a small positive. The histograms (0.0066) also display the bullish tendency as it turns to a positive value.
This weak positive cross may mean only the beginning of a shift in the general direction of the market. However, the overall MACD still has negative values below the zero line, which means bears still have control.
The descending trendline connecting the December and January highs has acted as strong resistance, repeatedly rejecting the price. Recent price action shows CRV is testing this trendline, with the potential of a bullish rally if it can break and close above this barrier.
Immediate support is at $0.4608 (current price) and $0.36 (0 Fib level). The price levels of $0.49 (50 EMA), $0.55 (0.236 Fibonacci level), and $0.71 (0.382 Fibonacci level), together with the upward movement, will likely form a resistance cluster. On the way up, those are the levels to challenge.
CRV Price Targets
If CRV can break above the descending channel’s upper boundary and the 20-day EMA, it could target the 0.236 Fibonacci level at $0.55. A sustained breakout with increased volume could potentially push the price toward the 0.382 Fibonacci level at $0.71.
On the downside, failure to maintain support at current levels could cause CRV to retest the recent low at $0.3659. A breakdown below this critical support could accelerate selling pressure, potentially targeting the $0.30 psychological level.
Curve founder cashes out big
According to Spot On Chain monitoring data, as the market rebounds, Curve Finance founder Michael Egorov has once again taken action, selling 236,457 CRV and successfully cashing out approximately $108,000.
Surprisingly, since March 24, Egorov has started his selling journey, having sold a total of about 3.083 million CRV, cashing out up to $1.62 million, with an average selling price of about $0.527.
It is worth noting that he seems to be well aware of market rhythms, repeatedly choosing to sell at local peaks.
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