Curve Dao price managed to weather the storm while the rest of the cryptocurrency market plummets

  • Curve Dao gives a blind eye to the bleeding crypto market, soars by 14% to $2.
  • CRV/USD has encountered a hurdle at $2, leaving a gap to be explored by sellers toward the IOMAP support.

Curve Dao Token, a $340 million altcoin, edged above other cryptocurrencies to post double-digit gains despite widespread corrections. CRV/USD is up 14% and trading at $1.78. The 24-hour trading volume holds at $664 million following a 77% increase.

Curve Dao uptrend hits a wall as correction lingers

A bull flag pattern came into the picture after CRV hit highs around $1.8. The consolidation allowed buyers to take positions and regain control over the price. The breakout from the pattern became strong enough to cancel the bearish wave across the market.

Meanwhile, the bullish leg shot above the recent barrier at $1.8 but failed to break the next resistance at $2. At the time of writing, overhead pressure is building under $1.8 and likely to push decentralized finance token toward the tentative critical support at the 50 Simple Moving Average.

CRV/USD 4-hour chart

CRV/USD 4-hour chart

IntoTheBlock’s IOMAP reveals the presence of a medium-strong resistance ahead of Curve Dao. The resistance runs from $1.81 to $1.86 and hosts 649 addresses that previously purchased approximately 8 million CRV. If the seller congestion in this area is overcome, the price could rally to levels above $2.

Curve Dao IOMAP chart

Curve Dao IOMAP chart

On the flipside, Curve Dao has room to explore downstream before it encounters the most robust support between $1.56 and $1.62. Here, 561 addresses had previously bought roughly 13.4 million CRV. It is improbable that the decline will penetrate this area, suggesting that a reversal may take place, pulling CRV back to $2.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Dogecoin: DOGE on the verge of a 75% lift-off

Dogecoin price breaks out of a bull flag pattern after surging 20%. DOGE could surge 75% to $0.095 if it bounces from the 50% Fibonacci retracement level at $0.055. A bearish outcome could evolve if the price re-enters the “flag” and starts consolidation.

More Dogecoin News

Bitcoin price ready for another upswing as the Fed publishes new preconditions for a digital dollar

The Fed will be looking for stakeholder interest and buy-in to support the launch of a CBDC. The US is still a long way to develop a digital dollar because many structures are not yet in place.

More Bitcoin news

Solana: SOL could take a breather and pullback 30% after a 600% bull rally

SOL price has been on an uptrend since Jan 22 with only minor corrections. SOL was surprisingly unbothered during the market crash on Feb 22 and 23, as it dropped by a mere 13%.

More cryptocurrencies news

Ethereum: ETH building overhead pressure threatens losses to $1,200

Ethereum’s recovery stalls at $1,700, opening the door to the ongoing bearish pressure. The IOMAP reveals the presence of intense selling pressure ahead of Ether.

More Ethereum news


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast