The Curve DAO Token (CRV) experienced a sharp gain of nearly 28% in the past 24 hours, reaching close to the $1.00 mark. This surge was primarily driven by a short squeeze that liquidated approximately $3.9 million in bearish positions.
Significant Price Surge
The Curve DAO Token (CRV) rose nearly 28% in the last 24 hours, briefly hitting the $1.00 threshold. The surge was largely driven by a short squeeze that wiped out about $3.9 million in bearish positions.
Identifying Support Levels
The $0.90 range served as a consolidation base ahead of the breakout and is likely to act as support if prices retrace. Additional support levels include $0.85, which saw multiple price rejections earlier, and $0.7853, the starting point of the current rally.
Market Engagement and Technical Indicators
The daily chart of CRV shows bullish signals from key indicators. The MACD has shown a positive crossover, with momentum rising as the MACD line moves above the signal line. The Relative Strength Index currently stands at 57.29, suggesting there is room for additional upside if current volume levels are maintained.
Market sentiment appears to be improving as CRV tests the $1.00 mark. Sustained movement above this level may lead to the next resistance zone between $1.05 and $1.10.
