Facing bearish pressure, Ethereum dropped over 11%, while Curve DAO Token managed to show a positive trend, strengthening its market position.
CRV Holds Key MA Support
CRV is consolidating within a classic bullish flag pattern. This formation emerged after the token failed to break the $1.33 resistance on December 7, leading to a sharp correction. The token hit a low of $0.35 on March 11, where strong buying interest emerged. This momentum pushed the price to the upper resistance at $0.60. The recent market downturn, however, caused CRV to retest support at the 50-day moving average ($0.45), which it successfully held, rebounding to $0.50.
Breakout Potential
A breakout from this formation, with a confirmation retest, could lead to a move toward the 100-day MA and the $0.8274 resistance zone, signaling a potential 61% upside from current levels. The MACD indicator also shows early signs of bullish divergence, further indicating the breakout possibility in the coming weeks. Historical price action suggests that once CRV clears the flag pattern resistance, it may quickly reach the next key resistance levels at $1.00 and beyond.
Final Thoughts
While CRV has demonstrated resilience at the 50-day MA support, a breakout confirmation is needed for a stronger bullish case. Traders should closely monitor the token's movement around the $0.60 resistance level. A decisive close above this range could indicate the start of a sustained uptrend.
CRV shows resilience in a challenging market. Current trends suggest growth potential, but traders should remain vigilant to price level changes.
