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Cryptoknowmics 2022-08-06 10:20:21

CRV Technical Analysis: Bull Cycle Teases 20% Hike in CRV Prices

The CRV prices show a bull cycle starting within the expanding channel teasing a 20% jump to the resistance trendline close to $1.75. Key Technical Points: Curve Dao (CRV) prices show a bullish candle formed last night with an 8.55% jump initiating a bull cycle from the support trendline. The bull cycle undermines the previous higher price rejection candles reflecting an improvement in the bullish sentiments. With a market cap of $735 million, the intraday trading volume of Curve Dao has increased by 17% to reach $207 million. Past Performance of CRV The CRV price action shows a bearish turnaround from the $1.50 mark resulting in a 17% drop to the supporting trendline of the expanding channel. However, the support from the 100-day SMA and the trendline reignites the bull cycle with an 8.55% jump last night, resulting in a bullish engulfing candle. The price jump undermines the higher price rejection candles formed over the week. Source – Tradingview CRV Technical Analysis The restarting bull run in CRV prices faces the $1.50 opposition evident by the bearish influence over the daily candle. Hence, traders hoping for a bull run continuation must wait for a daily candle to close above the $1.50 mark. Furthermore, the bullish influence growing over the 50 and 100-day SMAs reflects a potential crossover event. The RSI slope shows a sideways trend in the nearly overbought zone close to the 14-day SMA, maintaining an overall bullish...

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