The CRV token from Curve DAO has shown significant growth, breaking through key technical levels. This event is accompanied by an increase in market activity.
Sustained CRV Price Growth
Over the past day, the CRV token price surged by more than 22%, currently trading at $0.96. This move contributes to a 7-day rally, with the token increasing over 70%. Trading volume also significantly surged, reaching over $833 million.
Technical Signals Continue to Indicate Growth
The token is trading well above its 9-day EMA at $0.74 and its 50-day SMA at $0.6116. Both moving averages are trending upward, indicating strong bullish momentum. The breakout candle closed above resistance, often seen as a sign of buying strength.
Rising Transaction Count and Token Withdrawals from Exchanges
On-chain activity in Curve has picked up, with daily transaction counts recently surpassing 10,000, a level not seen in months. This uptick in activity aligns with CRV's sharp price increase. Additionally, over 50 million CRV tokens have been withdrawn from exchanges, marking the largest outflow recorded this year. Such outflows typically precede price rallies.
Equally significant is that CRV’s price growth is accompanied by increased financial activity among users. These factors could indicate further price increases and stable growth for the token.
