The cryptocurrency market is showing mixed results today following U.S. President Donald Trump’s announcement of reciprocal tariffs on 185 countries.
Current State of the Cryptocurrency Market
In the wake of the tariff announcements on 185 countries, Bitcoin (BTC) and Ethereum (ETH) have experienced sharp declines. However, some altcoins, including Curve DAO Token (CRV), are demonstrating resilience with modest gains.
Technical Analysis of Curve DAO Token
CRV is currently consolidating within a classic bullish flag pattern, which often precedes a breakout. This pattern started forming after the token was rejected at the $1.33 resistance level on December 7. The price dropped to $0.35 on March 11, where strong buying pressure emerged, gradually pushing the price back up to $0.52 while testing the 50-day moving average support. With sustained buying interest, CRV could potentially attempt to break out upwards.
Outlook and Conclusion
A confirmed breakout from the flag, followed by a successful retest, could pave the way for a rally towards the 100-day moving average and the $0.83 resistance zone, representing a potential 56% upside from current levels. The MACD indicator is showing early signs of bullish divergence, suggesting a shift in momentum towards bulls. Traders should wait for confirmation before turning fully bullish, with a strong daily close above the $0.60 resistance potentially serving as a catalyst for a sustained uptrend.
CRV has shown resilience by defending its 50-day moving average support and is at a critical point that may influence future trading outcomes. Monitoring the situation closely is advisable.
