Published 7 hours ago
While the majority of cryptocurrencies are witnessing uncertainty and reflect a sideways price action, the CRV buyers show strong commitment towards its token. As a result, the altcoin has been on a steady rise for the past three weeks and has appreciated 84%. However, the overhead supply pressure triggers a pullback opportunity for traders.
Key points:
- The CRV price faces significant resistance pressure from the 50-day EMA
- Low volume reversal may soon trigger the continuation of bullish recovery
- The intraday trading volume in the CRV token is $120.9 Million, indicating a 15% drop.
Source- Tradingview
On June 18th, the CRV/USDT pair bounced back from the $0.55 support, which has been on a constant rise since then. The bullish rally hit the immediate resistance of $0.864 before reverting to 21%. The $0.684 support provides a significant foothold for buyers to jump higher.
The post-pullback rally showcased seven consecutive green candles and surged the CRV price 54.8% higher to the $0.99 mark. Moreover, the rising volume during the rally indicates a genuine recovery rally.
However, the trending price faced supply pressure near the combined resistance of $1.05 and 50-day EMA, teasing a reversal sign. Thus, the altcoin has depreciated 6.72% and currently trades at $0.991.
This potential pullback indicates that CRV traders need to replenish the bullish momentum before they can overcome the supply pressure. If the theory turns out to be true, the altcoin may drop 12.5% and hit the flipped support of $0.86.
If the coin price sustains above this support, the buyers may resume the ongoing recovery to higher levels.
Technical analysis
Relative strength index- The daily RSI slope shows a stepper rally than price action reflecting the buyer’s commitment to this recovery.
EMAs- The daily-EMAs show significant importance in the CRV technical chart, in which the 20-day EMA provided constant resistance to coin price for the past two months. However, the buyers have recently breached this EMA resistance, which is expected to act as a viable support.
- Resistance levels- $0.685, and $0.83
- Support levels- $1 and $1.3
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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