CRV price wave count supports breakoutThe wave count is also in alignment with the readings from the daily timeframe. After completing a five-wave upward movement (black), the CRV price seems to have completed an A-B-C corrective structure, that ended with the aforementioned $0.72 low. If the count is correct, it would mean that CRV will now begin another upward movement. While it is not yet clear if this move is an A-B-C structure (white) or a new impulse, an increase toward $1.78 would be expected either way. This would give waves A:C a 1:1 ratio. However, prior to getting there, there is short-term Fib and horizontal resistance at $1.26. A fall below the Oct. 13 low of $0.72 would invalidate this wave count and indicate that new lows are in store.
Curve DAO Token Long-term trend is still undeterminedWhile a breakout from the wedge is likely, the direction of the long-term trend is still undetermined, due to mixed technical analysis readings from the weekly timeframe. There is a crucial resistance area at $1.40, a level that had previously acted as support. Until there is a weekly close above this level, the long-term trend cannot be considered bullish. Additionally, while the weekly RSI has broken out from a descending resistance line, it is still trading below 50. So, a weekly close above the $1.40 area and a weekly RSI movement above 50 is required in order for the CRV price prediction to be confirmed as bullish. Conversely, a drop below $0.72 would indicate that the trend is bearish instead. For the latest BeInCrypto Bitcoin (BTC) and crypto market analysis, click here Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.