Unlike the rest of the market, CRV is the only altcoin that didn’t post any losses in November and December, instead the altcoin continued to grow steadily until it hit a local high of $6.51 on January 2, 2022.
Next on the chart, however, CRV’s price action was encountering quite a bit of trouble.
Consistent red candles and negligible recovery lead CRV to losses, just like other coins.
At the time of writing, this altcoin has lost 66.99% of its value. The massive decline brought CRV closer and even higher than other coins’ losses over a 3-month period. Still, at $2.51 at the time of writing, it looks like CRV issues are getting better rather than worse.
First of all, CRV is currently in a squeeze-out, which limits the downside momentum. Thus, after 20 days, the Parabolic SAR white markers finally reversed their position and moved below the candlestick. This could signal the start of an uptrend.
Whether this will be a sustained rally or just relief given the volatile market environment is not clear at this point.
A breakout of ADX above 25 is a good signal of support for an active trend as long as it holds its position.
Source: TradingView
However, back-to-back losses over the past few months have also seen investors’ gains plummet from 88% to just 28%. In fact, 68% of all investors are currently at a loss.
Source: Intotheblock
This leads most investors to cut their losses and look for the right opportunity to roll back.
As a result, the trading volume has dropped sharply lately. From an average of $104 million and a high of $473 million, the numbers have fallen to an average of $40 million.
Source: Intotheblock
At the same time, the TVL (Total Locked Value) of this DeFi protocol is also decreasing. In January, TVL was $24.3 billion. On March 1, the figure slipped to $18.22 billion, down 25%.
Unstable market trends have left everyone guessing what the next step will be. Needless to say, the CRV is now suffering the same fate.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
The potential departure of SEC Chair Gary Gensler after Trump’s presidential victory is sparking a…
After making $40,000 in profits with Solana, Illinois tech worker Laura Kim is now betting…
Trump’s transition team is considering Robinhood CLO Dan Gallagher, Paul Atkins, and Robert Stebbins as…
Experts spotlight a rising AI token poised to create a major shift in the market…
The Dogecoin price has reached a five-month high, and investors should buy the Ethereum token…
Crypto isn’t just for the tech-savvy anymore; it’s for everyone. As more people jump into…
This website uses cookies.