Key Points
- The CRV token has seen an increase of less than 1% despite an ongoing market correction.
- The token could rally towards the psychological milestone of $0.50 as bullish sentiment persists.
Curve DAO Surpasses $0.40
The Curve DAO (CRV) is currently trading above $0.40 after registering an impressive gain of over 8% in the last 24 hours. It is facing resistance at $0.433 following significant short-term gains.
This upward momentum is attributed to whale accumulation. According to supply distribution metrics from Santiment, whales holding between 10 and 100 million CRV tokens have accumulated a total of 33 million CRV tokens from early January until Thursday.
However, wallets containing between 100,000 and 1 million ADA tokens and 1 million to 10 million CRV tokens have lost 29 million tokens during the same period.
Moreover, Santiment’s daily active address index, which monitors network activity over time, also indicates a bullish trend. An increase in this metric suggests heightened usage of the Curve DAO blockchain.
Daily active addresses for CRV have surged from 945 on December 26 to 1,388 on Thursday, the highest level since October 14. This rise signifies a growing demand for the Curve DAO blockchain, which may positively impact CRV’s price.
CRV Could Extend Gains Beyond $0.50
The CRV/USD 4-hour chart currently shows bearish signals despite the token’s recent bullish action. The CRV has retested the weekly resistance level at $0.433 and has now declined to trade at $0.414.
As of this writing, CRV is attempting to break through the weekly resistance. If successful, it may extend its rally towards the November 10 high of $0.548, which aligns with the 200-day EMA.
The Relative Strength Index (RSI) on the 4-hour chart stands at 51, above the neutral level of 50, indicating that bullish momentum is gaining traction.
Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, further supporting a positive outlook for the token.
However, if the market correction continues, CRV could fall to a new yearly low at $0.357.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
