DeFi darling Curve DAO looks for 160% gains as a new alt season begins
- Curve price is contained inside an ascending parallel channel on the 4-hour chart.
- There is only one critical resistance level at $0.8 that stops Curve from a massive price increase.
Curve has slowly established a robust 4-hour uptrend after hitting a low of $0.485 on November 26. The digital asset faces very little resistance to the upside but must crack a critical level.
Curve price on the verge of a massive breakout
On the 4-hour chart, Curve has established an ascending parallel channel and it’s really close to a breakout. CRV climbed above the 100-SMA, turning it into a support level and it’s now only facing the upper trendline at $0.8 as resistance.
CRV/USD 4-hour chart
A breakout above $0.8 can quickly push Curve price towards the last high of $0.957. Other long-term bullish price targets include $1.118, $1.511, and $2.104 which would be a 160% price increase from the current one.
CRV/USD daily chart
The In/Out of the Money Around Price (IOMAP) chart adds credence to this theory as it shows the range between $0.77 and $0.79 as the most significant resistance area where 12 million CRV coins were purchased by 27 different addresses.
CRV IOMAP chart
On the other hand, the most significant support area is located between $0.715 and $0.73. A breakdown below this range could quickly drive Curve price towards the lower boundary of the parallel channel at $0.7.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
