Price Analysis: CRV Targets A 14% Hike, While Spell Token Flashed A Golden Cross
The cryptocurrency market was back on its feet again at the time of writing. CRV was trading at $5.35 at press time, it bounced up from its support line of $4.40. Near-term indicators of the coin were bullish as the coin flashed a golden cross, which is indicative of a bull run in the market.
Spell Token was trading between its immediate resistance and support line. It had dipped considerably in the past few days, however, within the past day, the coin moved up north and recovered some of the loss it incurred. A push from the bulls could help Spell to secure a 16% growth.
CRV/USD One Day Chart
Curve DAO Token had been on the rise for the past month and a half. The token, however, had also experienced slight dips in between but it had also instantly met with considerable buying strength. Overhead resistance for the coin stood at $6.20, while the support level rested at $4.40.
If CRV toppled over the aforementioned resistance mark, that would mean CRV would secure a 14% jump in the upcoming trading sessions.
On the four hour chart, CRV’s price was seen above the 20-SMA and the token also flashed a golden cross. A golden cross indicates a bullish run for the coin. Substantiating the same notion, the Relative Strength Index was also above the half-line indicating a surplus of buyers in the market as compared to sellers.
On Balance Volume reflected the same idea as the indicator saw a steady incline, indicating that buying pressure was more than selling pressure in the market.
SPELL/USD Four Hour Chart
Spell Token was priced at $0.022 after the coin had noted a downward price action in the past few days. Spell in the last 24 hours the coin surged over 6% and over the past week, Spell’s losses incurred came down to just 5.1%. The price action of Spell was not mundane as the month of December saw the coin appreciate considerably, especially since December 17.
Overhead resistance for the coin stood at $0.026 and on the reverse, the price floor stood at $0.020. The coin hasn’t dipped below the aforementioned support line in the past four days.
Right after the token witnessed a golden cross, the prices had started to recover on its charts. At the time of writing, the price of Spell was just above the 20-SMA line. This indicated that buyers drove the price action in the market, indicating bullishness. The Relative Strength Index also noted an uptick as it was visible above the half-line, noting an increasing buying strength.
Chaikin Money Flow was bearish as capital was flowing out of the market, despite remaining below the half-line the indicator noted a slight uptick.Source