Curve Dao (CRV) is currently trading at $0.2289 on Sunday, representing a decline of 6.8% in the last 24 hours. Trading volume has also gone down by 19.97% to $35.68 million, according to CoinMarketCap. The decline has been a persistent weakness as bearish pressure continues to affect price movements.
The token price has fallen by 37.38% over the past month. This has been an extension of its current downtrend. The market has remained volatile as the token’s price continued its decline. The price movements have shown a lack of strength within the last sessions.
Source: CoinMarketCap
Crypto analyst Jonathan Carter highlighted that Curve Dao’s price has been trading at the lower end of a descending channel on its 3D chart. The price has been tested at its support zone. He also explained that the zone has been holding despite the decline.
Carter clarified that the support zone’s continued hold could lead to several potential price levels. These levels are $0.27, $0.34, $0.46, $0.59, $0.80, $1.05, and $1.30. According to him, each level represents a potential step in a recovery if momentum improves.
Source: X
Additionally, another analyst, Whales Crypto, revealed that Curve Dao’s price has shown a descending channel on its daily chart. This indicates the potential for a breakout.
He also stated that the token may move further toward the $1 mark based on momentum. Nevertheless, a breakout is required before any positive situation is confirmed.
Source: X
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The Relative Strength Index (RSI) indicated low momentum in the market. The level of the RSI line was 33.49, and the signal line stood at 34.34. Both levels were low and indicated low selling pressure in the market.
The Moving Average Convergence Divergence (MACD) shows low momentum. The MACD line stood at -0.0229, and the signal line stands at -0.0261. The histogram sits at 0.0032. The narrow gap reflected reduced downside pressure, but no confirmed shift appeared.
Source: TradingView
CoinGlass data shows that market activity has declined in CRV. The trading volume declined by 36.46% and stood at $75.68 million. Open Interest declined by 4.97% to $64.17 million. OI-Weighted Funding remained negative and stands at -0.0184%.
Source: CoinGlass
CRV is currently trading in a crucial zone. Traders are watching whether the support area continues to hold. A breakdown could extend the decline. A bounce could shift sentiment in the short term.
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