Home Altcoins News Curve DAO Rises 24% in a Week: Is $1.16 the Next Stop for CRV

Curve DAO Rises 24% in a Week: Is $1.16 the Next Stop for CRV

Curve DAO price prediction

Curve DAO (CRV), a well-known token in the decentralized finance (DeFi) space, has had an exciting week. With a 24.79% price surge, CRV has reignited optimism among investors. The question now is whether the token can sustain its bullish momentum or if a market correction is looming.

CRV rebounded from a recent low of $0.68, breaking past the $1 mark and reaching a high of $1.08. However, the token has since experienced a slight pullback and is currently trading at $0.97. This still marks an impressive 8.03% daily gain. Trading volume has also spiked, increasing by 21% to $386 million, suggesting heightened interest in the token.

Whale Activity and Market Signals

One of the most encouraging signs for CRV’s bullish trend is the movement of tokens off exchanges. Data shows that CRV’s exchange flow balance turned negative, hitting -417.6. This means that more CRV tokens are being moved out of exchanges and into private wallets, often seen as a signal of investor confidence in the asset’s long-term potential.

Whale activity has also been notable. According to analytics from IntoTheBlock, the Large Holders Net flow to Exchange Net flow Ratio dropped from 1.38% to -0.32%. This shift indicates that large investors, or “whales,” are in an accumulation phase, further fueling optimism. Whales moving tokens out of exchanges suggests they are holding onto their assets rather than preparing to sell, a strong bullish signal.

Positive Momentum in Long Positions

Another indicator of market sentiment is the demand for long positions. On Binance, CRV’s funding rate has remained consistently positive over the last five days. A positive funding rate shows that traders are willing to pay fees to hold long positions, betting on price increases.

Short-term trading data supports this trend. On a 4-hour chart, long positions dominate, accounting for 52% of total trades, according to Coin glass. When long positions outweigh short ones, it reflects a market sentiment leaning toward optimism and growth.

Key Resistance and Support Levels

With momentum building, CRV appears poised to challenge critical resistance levels. The next target for the token is $1.12, and if it can break past this level, $1.16 could be within reach. However, a reversal in sentiment or a spike in selling pressure could send CRV back to its support level of $0.87.

Technical indicators, including the token’s trading volume and whale behavior, suggest that the current rally has a solid foundation. However, the market remains volatile, and investors should be prepared for potential fluctuations.

What Lies Ahead for Curve DAO?

Curve DAO’s recent performance has placed it back in the spotlight, with many analysts eyeing its next moves. The token’s price surge, coupled with whale accumulation and positive long-position demand, paints a bullish picture. However, caution is warranted, as any sudden changes in market sentiment could disrupt the rally.

If CRV maintains its current trajectory, reclaiming $1.16 seems achievable. Beyond that, the token’s future will depend on the broader market trends and continued support from the large investors. For now, Curve DAO is a standout performer in the De Fi market, offering both potential gains and risks for investors.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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