CRV’s price fell in July after news started floating in the market about the hacking of the Curve finance platform. The losses were said to be exceeding more than $24 Million. This incident caused a ripple across the graphs of CRV where the price dropped from $0.74 to a level of $0.42, which represents more than a 35% decline in just 2 days.
Investors must have felt great relief on hearing the news about the recovery of funds as the white hat hackers returned more than 70% of the funds stolen.
Chart provided by tradingview.com
Currently, at the time of writing, the CRV coin is looking for recovery as it is in its support zone trading at the level of $0.583. The price is between some supports and resistances, while the indicators are also giving some insights for the near future.
The first support zone is where the coin is trading near currently, at the price level of $0.571, The second support is being formed at $0.48 which is more of a weak support zone than the first one.
The first and the immediate resistance is at the level of $0.741 which is followed by the 2nd resistance at the price value of $0.865.
The MACD chart is well below its neutral zone and is currently in the negative zone. The MACD line crossed the signal line back in July 2023 and created a bearish sentiment.
At the time of writing, both the lines have joined hands and a crossover is expected which will be bullish in nature. Currently, the MACD and the signal line are both at -0.039.
The RSI chart is also in the oversold zone because back in mid-July, the SMA gave a bearish crossover to the RSI which resulted in a downtrend, thereby resulting in the current scenario of the RSI line at 34.29 and the SMA line at 34.67. A bullish crossover is also expected here.
The 50 EMA is well above the current market price. Back in mid-July, the CRV coin crossed past its 50 EMA and came down and this has not yet changed. At the time of writing, the 200 EMA is at $0.821 and the 50 EMA is at $0.690.
The CRV Price coin’s price prediction is falling in line with the current insights of RSI and MACD, as both indicators are predicting a price reversal.
The price is near its demand zone and is looking forward to bouncing back after creating a deviation just a few days ago. This may be the result of the news of the fund recovery.
If all goes well as indicated above, then the price will bounce off the current support and will travel toward its immediate resistance but before that, it also has to cross past its 50 EMA to continue its bullish journey.
If the price bounces off its 50 EMA then a trend reversal can be seen. A sale is advised after the first support of $0.571 gets broken. As mentioned above in the analysis, the second support is weak in terms of volume.
Support: $0.571, $0.487
Resistance: $0.741, $0.865
RSI: 34
50 EMA: $0.690
200 EMA: $0.821
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.