The higher price rejection candles at the long-coming resistance trendline indicate the exhausted bullish momentum in Curve dao coin. This failed attempt from coin buyers to break the dynamic resistance indicates a higher possibility of bearish reversal. This potential reversal may undermine the recent recovery rally and take the CRV coin to new lows.

Key points:

• A potential bearish reversal from the channel pattern resistance may tumble the CRV price by 12-22%
• The 100-day EMA aligned with the downsloping trendline gives additional resistance against sellers
• The intraday trading volume in the CRV token is $629.5 Million, indicating a 1000.5% gain.

Source- Tradingview 

A falling parallel channel pattern is currently governing the ongoing downfall of the Curve Dao coin. Under the influence of this pattern, the coin price has been wobbling between two falling trendlines for the past six months.

However, with the new year recovery in the crypto market, the CRV price had recently bounced back from the $0.5 mark. The U-shaped recovery indicated a sustained rally of 30% and pushed the prices to the resistance trendline of the channel pattern.

By press time, the CRV price traded at $0.654 and showed higher price rejection candles over the last three days. These rejection candles indicate the sellers continue to defend this resistance and could trigger a new bear cycle within the pattern.

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A daily candle closing below the immediate support of $0.635 will offer additional confirmation for a downfall and plunge the prices below the $0.5 support. 

However, in theory, the falling channel is a bullish continuation pattern that provides a significant bull run upon the breakout of its resistance trendline. Thus, the trades looking for long entry opportunities should wait for a bullish breakout from the overhead trendline. 

Technical Indicator

RSI: a sharp rise in the daily RSI slope reflect the positive sentiment growing among participant. If this divergence indicator sustained its bullish stance, the CRV might soon break the overhead trendline.

EMAs: the recently reclaimed 20-and-50-day EMA now stands as significant support trying to bolster price recovery. However, a breakout from these EMAs will backfire with additional confirmation for sellers.

Curve Dao Coin Intraday Levels

• Spot price: $0.651
• Trend: Bullish
• Volatility: High,
• Resistance levels- $0.76 and $1
• Support levels- $0.63 and $0.5