TradeCityPro | CRV: Navigating Curve's DEX Dynamics

👋 Welcome to TradeCityPro!
Today, I'll analyze the cryptocurrency CRV from the Curve project, a decentralized exchange (DEX).

📅 Weekly Timeframe
We observe a trading range from $0.3903 to $1.2502. The price once dipped below this range to $0.2237 before rebounding, and it has now reached the upper boundary again.

🔍 Breaking the resistance at $1.2502 could signify an exit from the accumulation zone, potentially propelling the price toward higher resistances. The key weekly resistance is $6.1038, which is the all-time high, but intermediate resistances exist at $1.8428 and $2.8814.

📊 The market volume became bearish after reaching $1.2502, aligning with a market correction. The RSI has reset from the overbought region, ready to display new momentum as the market structure evolves.

🔽 If selling pressure enters the market and the price breaks below the $0.3903 support, it might suggest the previous uptrend was merely a dead cat bounce, preparing for a drop to new lows.



📅 Daily Timeframe
More details of the bullish run can be observed here. As mentioned, the price has reached up to the $1.2502 resistance and has entered a corrective phase.

✨ The correction established a floor at $0.7942, coinciding with the 0.236 Fibonacci level, though this support has now been breached. The price is forming a descending trendline, moving toward lower support levels.

🧩 The first minor support is the 0.382 Fibonacci level, not strongly backed by static price supports. The main supports are at $0.4970 and $0.3490.

📉In my view, breaking below $0.4970 would necessitate a new upward structure aiming back towards the range's ceiling. Conversely, a break below $0.3490 would end the bullish trend completely. A break below $0.2237 would initiate a bearish phase in the High Wave Cycle. Breaking below 30 on the RSI would further confirm the bearish trend.

🔼 If the price rebounds above $0.7942 and negates the current downward trend, we could consider a long position following a break of the descending trendline. The target would be modest, aimed at the top of the current box. The critical trigger for a long position remains the breach of $1.2502, a strong indicator for the start of a new bullish leg.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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