CRV price aims at 8% recovery as Whales rack up 20 million CRV in 24 hours
- CRV price increased by 7% in 24 hours and aims to breach the resistance at $0.53.
- Whale addresses seem to have enforced the “buy the dip” mentality, amassing $10 million worth of CRV in a day.
- Recovery is crucial for Curve DAO token as presently, nearly 99% of its investors are underwater.
CRV price is one of the quickest recovering cryptocurrencies at the moment owing to a surge of support from its whales. However, looking at the bigger picture, Curve DAO token holders are looking for a lot more than one green candlestick since their suffering is threatening the altcoin’s value.
CRV price climbs back
CRV price at the time of writing was close to hitting the $0.50 mark after charting a 7% increase in the past 24 hours. Bouncing off the critical support line at $0.44, the altcoin has now set its eyes at $0.53, breaching which would provide the Curve DAO token with the boost necessary to rise back to $0.56.
CRV/USD 1-day chart
The Relative Strength Index (RSI) is observing an uptick from the oversold zone, which suggests that bearish momentum is waning, opening CRV price to recovery. Similarly, the Moving Average Convergence Divergence (MACD) indicator also noted a bullish crossover this week, with green bars on the histogram indicating a bullish momentum ahead.
However, should the recovery fail, CRV price would trickle back down towards the critical support marked at $0.44. Falling through it would mark a new all-time low for Curve DAO token.
Investors at play here
An all-time low scenario could be avoided provided the altcoin continues receiving support from the investors as it did over the past 24 hours. The addresses holding between 1 million to 10 million CRV tokens added about 20 million CRV to their wallets worth a little under $10 million. Some accumulation was observed at the hands of retail investors, too, as wallets holding 10,000 to 100,000 CRV bought close to 1 million CRV in a day.
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Curve DAO token holding distribution
But for Curve DAO token holders to maintain this bullishness, the price would need to recover, too, since they have very little motivation to accumulate CRV presently. About 99% of all CRV holders are currently at a loss.
Curve DAO investors at a loss
This leaves the altcoin vulnerable to sudden selling if the CRV price does not note a sustained recovery, as investors would choose to offset their losses.
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Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
