Curve DAO (CRV) – Exhibiting a bullish appetite for the coming sessionsPosted on Thursday, July 21 2022 at 8:59 pm GMT+0000
Curve DAO (CRV), the Ethereum token that powers Curve.fi, a decentralized exchange, and automated market maker protocol, bounced forcefully above the upper line of the regression channel stretched from the 18th of June low while looking to challenge the latest intraday top posted on the 18th of July, aiming to underpin the current positive structure.
Technically, the rising exponential moving averages are sponsoring the current uptrend in motion, the ROC has gone parabolic above the zero mark, and the RSI is climbing in the positive region, both promoting further bullish actions.
If buyers manage to significantly crack the aforementioned top at 1.397, they are expected to keep pushing higher and soon meet the 161.8% Fibonacci extension level of the 1.397-1.104 bearish wave at 1.578. By overcoming this barrier, they will likely accelerate towards the 261.8% Fibonacci level at 1.871.
Alternatively, if the price proves unable to knock down the 1.397 ceiling and slipped below the regression channel’s upper-line, the 20 and 40-period exponential moving averages could try to catch the fall in cooperation with the channel’s middle-line around 1.180. Failure of these lines to hold will bring the already proven strong support area of 1.104-1.070 under examination. Any violation at this point will destroy the uptrend and shift the focus towards the 0.880-0.850 congested area.
All in all, Curve DAO is currently exhibiting a bullish appetite for the coming sessions. Another successful move above 1.397 is expected to release fresh buying.