Curve DAO (CRV) – Medium-term risk seems to be leaning on the positive sidePosted on Monday, January 9 2023 at 8:39 pm GMT+0000
Curve DAO (CRV) kicked off the new year with a buoyant mood, staging an aggressive rebound to slice through the descending regression channel pulled from the July 28th peak.
The slowing bearish pace of the 50-day simple moving average and the minor upturn of the 20-day simple moving average are mirroring the recent stall in the negatively-skewed structure. Moreover, the oscillators convey a picture where buying appetite is strengthening, as the ROC is rising exponentially in the positive region, and the TSI is charging toward its equilibrium level after stepping beyond its trigger line.
Buyers seem ready to challenge the 0.724 – 0.759 tough resistance area linking the October 13th bottom and the November 26th high. By overrunning that key band, they will advance with certainty towards the November 4th top at 1.070. Steering higher, the September 10th top of 1.277 will be the next target on the line.
On the flip side, if the aforementioned resistance section proves a hard obstacle to overcome, the price will initially weigh on the 20- and 50-day simple moving averages residing near the channel’s upper line at around 0.540. A decisive penetration here will likely trigger a fast decline to the December 30th bottom of 0.487. Some distance lower, another tough battle will take place around the November 22nd bottom of 0.401.
To summarize, the medium-term risk for Curve DAO seems to be leaning on the positive side, but the bulls will need to overstep the 0.759 bar to confirm that.