Curve DAO Price Analysis: Rounding Bottom Pattern Will Lead CRV Token To $6.4
The CRV token (Curve) was majorly under a correction phase for the first half of December, where the price lost half of its value. However, the $3.2 provided strong support to this pair and began this remarkable recovery in this chart. The token is currently following the footstep of a rounding bottom could even lead to breaking the All-time resistance of $6.2.
Key technical points:
As mentioned in my previous article on the Curve Dao token, this pair indicated the end for a correction phase when the price bounced back from the 0.618 Fibonacci retracement level with a morning star candle pattern.
On December 17, the token price breached the nearest resistance level of $4.2. Today the price provides a deceive breakout from this resistance, providing another entry opportunity for long traders. Sustaining the level, the pair moves to the next step of the ladder, i.e., $5 psychological level.
The CRV token reclaims its bullish alignment of the crucial EMAs (20, 50, 100, and 200). The crypto traders can expect strong support from these levels during pullbacks
The daily Relative Strength Index (64) is steadily climbing the higher levels for its bullish zone.
Curve/CRV/USD 4-hour time frame chart
The Curve Dao token technical chart reveals a rounding bottom pattern in the 4-hour chart. The current price of this token is $5.04, and so far, it has pumped 63% from the bottom support. Following the pattern, the token would rally to the $6.2 neckline and even break out from it with sufficient bullish momentum.
The vital chart levels for this token are; resistance at $5.2, followed by $6.2. And for the opposite end, $5 and $4.5.
The Moving average convergence divergence indicator for the 4-hour chart shows the MACD and signal lines, indicating bullish momentum in the price.Source