Key Takeaways:
- After marking the yearly highs close to $1.3, the CRV price maintains a steep bearish trend and lose the $1 mark
- The bears have currently outpowered the bulls and hence the price may continue to drop until it finds a base to rebound
- The whales continue to accumulate CRV heavily due to which the investors could also be compelled to jump in and rise the price high
The crypto space has been witnessing massive price variations since the beginning of 2023 as the major tokens have not been successful in setting the trend. The Bitcoin price recently soared close to $29,000, which made bulls assured of marking $30,000 in a go. However, the rejection hindered the rally. In the meantime, the Curve DAO price does not appear to have been preparing for a recovery as the trend is poised to maintain a steep descending trend.
The CRV price which has been under an acute bearish trend throughout 2022 had broken out of range at the beginning of 2023. However, the trend remained only for a short period, while another attempt to soar high also failed considerably. Currently, the layer-2 tokens are gaining more popularity which has kept up the momentum of the entire crypto space. However, CRV price, being independent of the other factors, continues to plunge, as it is failing to find a base to rebound.
Curve DAO Token Technical Overview
Source: Tradingview
- The CRV price is trading within an ascending triangle ever since it triggered a decent rebound from the interim lows
- As the price is very close to the apex, a notable upswing may be fast approaching as the ADX has displayed a bullish divergence
- Besides, the Bollinger bands are also squeezing and hence a massive price action may be fast approaching
- Therefore, a significant bullish push may lift the price back above $1 and secure levels at $1.05 very soon
Read on Ethereum Price Prediction
Curve DAO Token On-Chain Analysis
Curve DAO Supply in Top 100 Addresses
Source: Coinmetrics.io
The supply in the top 100 addresses can be considered as the whale addresses as they hold nearly 1% of the circulating supply. The rise in the levels within these levels indicates that the top addresses have been accumulating, expecting the price to raise high in the longer timeframe. Meanwhile, the market participants also tend to follow the whales which further impacts the price to a large extent.
The value in the top 100 addresses has been surging heavily from the beginning. Despite the narrow consolidation, the top 100 addresses continued to accumulate displaying immense faith in the impending upswing. This may motivate the investors to jump and rise the price high.
Curve DAO 30-Day NVT Ratio
Source: Coinmetrics.io
The NVT ratio is a comparison between the market capitalization of a token to its transacting volume. It determines the sentiment of the market participants whether they are bullish on the crypto or optimistic. A dropped NVT ratio usually means the transaction volume of the token is growing faster than its market capitalization indicating bullish sentiment.
However, the NVT ratio is rising high presently which indicates a relatively high network value but with low network activity. It indicates the market participants are being optimistic as their sentiments have been flipped to bearish or negative.
Curve DAO MVRV Ratio
Source: Coinmetrics.io
The MVRV ratio is the comparison between the token’s current market capitalization with its realized capitalization. The resultant is the fair value of the token which helps to determine whether the current price is overvalued or undervalued. The MVRV ratio above 1 is considered overvalued which also can drop heavily as the market participants tend to liquidate, extracting the profits.
However, the MVRV ratio in the present case is hovering below 1 indicating the price is undervalued and may gain value in the coming days. Here the price may also attract huge liquidity whenever the ratio is within the undervalued region.
Additional Read: 1inch Price Prediction
Concluding Thought!
The Curve DAO price has been undervalued for quite a long time and hence extended pressure may compel the price to undergo a breakout very soon. However, the technicals are currently bullish which are substantiating the bullish claim. Therefore, the price which is following a descending trend may rebound and thrive high soon.
