Momentum Starts to Pick Up for CRV as It Rises Above 20 MA Line

It may be a good time to buy the crypto token linked to Curve DAO, CRV, as momentum around the coin starts to pick up again.

CRV is ranked number 73 on CoinMarketCap’s list of the biggest cryptos by market cap and has seen a decent 11.33% rise in price in the last 24 hours. This takes its price to around $1.30.

Looking at the token’s performance relative to the two biggest cryptos, Ethereum (ETH) and Bitcoin (BTC), the price of CRV has strengthened against both. At the time of writing, CRV’s price has strengthened 5.11% against BTC and 4.75% against ETH. Currently, 1 CRV token is worth 0.00004151 BTC and 0.0006864 ETH.

The trading volume for CRV has also picked up 42.28% to take the total daily trading volume to around $94,352,452.

Looking at the daily chart for CRV/USD, the price of CRV has broken past the 20 MA line. Furthermore, CRV has been in a 2-day mini bull rally and it seems that the rally may continue for another day. A short-term target for CRV is $1.6, with a medium-term target of around $1.9.

One thing to be aware of is that the previous break above the 20 MA line performed by CRV was followed by a steep decline in price as the price peaked at around $1.4. With this in mind, the price of CRV will need to successfully challenge the $1.4 level before investors shift their focus to the short and medium-term targets.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.