The cryptocurrency market is witnessing impressive growth, with Bitcoin reaching a new record and Curve DAO Token (CRV) showing significant increases in value.
Bitcoin Hits All-Time High
The cryptocurrency market has entered a historical phase, with Bitcoin (BTC) hitting a new record of $123,000. Ethereum (ETH) is also showing positive dynamics, recording an 18% weekly gain. This overall bullish sentiment in the market has contributed to the rise of altcoins.
Technical Analysis of CRV and Harmonic Pattern
Curve DAO Token (CRV) finished the week with an impressive 42% gain, with a 5% increase today. Technical analysts note the formation of a strong signal: a harmonic pattern on CRV’s daily chart, indicating further growth could be on the way. CRV is forming a 'Bullish Bat' pattern starting at point X near $1.33, falling to A, then rising to B and dipping again to C around $0.49. Currently, CRV is trading around $0.72, regaining momentum.
Growth Prospects for CRV
If CRV maintains its upward trend and breaks above nearby resistance levels, the price could rise over 70% to hit the $1.33 mark. This would complete the harmonic structure and become a critical point where traders might reassess direction. However, holding above the 200-day moving average, currently at around $0.63, is crucial, as dropping below this level could invalidate the bullish setup.
Amid the overall bullish sentiment of the cryptocurrency market, CRV may be poised for another strong upward leg, supported by the formation of a harmonic model.
