Responding to the symmetrical triangle pattern, the Curve DAO(CRV) token rebounded from the $2.7 support level. The new bull cycle is charging towards the overhead resistance at the $2.74 mark. However, the interested traders should wait for the trendline breakout to confirm a genuine bull rally.
Key points:
- The CRV price presents a bullish engulfing candle at $2.1 support.
- The CRV buyers may face a confluence of several technical resistances at $2.7
- The intraday trading volume in the CRV token is $438.7 Million, indicating a 142% gain.
Source-Tradingview
The previous bear cycle initiated from the $3 mark tumbled the CRV/USDT pair by 28.5% to the $2.1 support. The coin price retested this support several times amid recent uncertainty in the crypto market.
However, on April 22nd, the CRV price witnessed a significant inflow, triggering a 14% price jump. The long green candle has engulfed the past two weeks of price action, releasing the trapped bullish momentum.
Moreover, the CRV chart reveals a symmetrical triangle pattern formation in the daily time frame chart. The pattern’s resistance trendline coincided with the $2.7 resistance marking the next significant supply zone for buyers.
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The rising price may soon retest this shared resistance attempting a bullish breakout. If buyers succeed, the altcoin will pump 34.2% higher to hit $3.7.
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However, this triangle possesses a duel side breakout possibility, and a fallout from the bottom support line may sink the price back to March bottom support of $1.9
Technical analysis
The VI lines diminish the bearish spread and forecast a potential bullish crossover in the Vortex indicator. It will indicate a buying entry spot if the things go as per bullish planning.
Moreover, the bullish jump surpasses the 50-day SMA and heads higher to the 100-day SMA, which fell drastically after crossing below the 200-day SMA. Hence, the ongoing trend could reach the 100-day SMA potentially.
- Resistance levels- $10, $13.2
- Support levels- $8.75 and $7
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