Curve DAO Token (CRV) hits a new monthly high when it rises above $ 5
Curve DAO Token (CRV) has reclaimed the $ 4 horizontal resistance area and is currently just 25% below its all-time high.
In December, CRV broke a descending resistance line that had been in place since April. This resulted in a high of $ 6.4 on November 25th. While the token fell thereafter, it confirmed this resistance level as support (green symbol) on December 4th and then rebounded. Then it returned to the horizontal zone of USD 4.
Technical indicators are also increasing. The MACD, formed by the short and long term moving averages (MA), is sloping up and is in positive territory. This means that the short-term MA is moving faster than the long-term MA and is a sign of an uptrend.
The RSI has also exceeded the threshold of 50 (green circle). This is another sign of an upward trend. The next resistance is the all-time high at $ 6.40. If the move is successful, the next resistance will be at $ 8.60 created by the external Fib resistance at 1.61 when the recent decline is measured.
Daily CRV / BUSD chart | Source: TradingView
Trader @TradingTank tweeted a CRV chart saying it could rally to $ 8, a zone that coincides with the area of resistance created by the external fib retracement level of 1.61.
Short term outbreak
The six-hour chart shows that the CRV has broken out via a short-term ascending parallel channel. It is currently facing resistance at $ 5.20 created by the resistance of the Fib retracement at 0.618. Once it manages to move above this level there will be no further resistance until it hits an all time high. Similar to the daily timeframe, both the MACD and RSI are rising, which supports the continuation of the uptrend.
CRV / BUSD 6-hour chart | Source: TradingView
CRV / BTC
The CRV / BTC chart is also showing an upward trend. The pair has moved above the 8,350 Satoshi resistance area that had previously acted as resistance since the beginning of the year. If price continues to move higher, the next area of resistance will be at 12,350 satoshis created by the external fib retracement level at 1.61 when measuring the recent decline.
Weekly CRV / BTC Chart | Source: TradingView
You can see the CRV prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.