CRV has been moving upwards since Dec 4, when it validated the previous descending resistance line as support (green icon). Shortly afterwards, it reclaimed the $4.05 horizontal area and has been increasing since.
The reclaim was crucial since the area had previously acted as the all-time high resistance. If a short-term drop were to occur, the area would be expected to act as support.
On Jan 4, the token reached a new all-time high price of $6.8.
Cryptocurrency trader @Crediblecrypto tweeted a CRV chart, stating that the token will soon be in price discovery. As outlined above, the token has reached a new all-time high price and is now in price discovery.
The daily chart also provides a bullish outlook. CRV broke out from a shorter-term descending resistance line and validated it as support on Dec 3. The same day, it bounced and increased by 17%. The bounce also served to validate the $5.95 horizontal area as support.
Technical indicators support the continuation of the upward movement.
The MACD, which is created by a short- and a long-term moving average (MA), is positive and is increasing. This means that the short-term MA is faster than the long-term one and is a staple of bullish trends. The previous time this occurred (green circle) was in Oct 2021 and preceded the upward movement to the then all-time high of Nov 25.
Similarly, the RSI is increasing and is above 50. The RSI is a momentum indicator and values above 50 are considered bullish.
The closest resistance area is at $8.60, created by the 1.61 external Fib retracement resistance level.
CRV wave count
The wave count suggests that CRV is in wave three of a bullish impulse. The sub-wave count is given in black, indicating that CRV is in the fifth and final sub-wave. The entire movement from Oct 2020 to April 2021 (highlighted) was likely part of wave one.
The most likely target for the top of the movement is at $8.10. It is found by the 1.61 length of wave one (white) and the 1:1 length of sub-waves 1-3 (black).
Afterwards, a correction would be expected.