CRV Price Surges 16% – What’s The Next Move For Curve DAO Token?

Christian Encila

1 year ago

3 mins read

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Curve Finance’s native token, CRV, has recently experienced a notable uptick in value, driven by a sudden surge in whale accumulation. As the decentralized finance (DeFi) platform’s token rebounds from its November 2022 low of $0.4, crypto enthusiasts are left wondering whether this momentum is sufficient to initiate a sustained bullish trend for CRV.

Over the weekend, cryptocurrency tracker Lookonchain detected an interesting activity involving two significant whales. The first whale orchestrated a substantial withdrawal, amassing a staggering 19.56 million CRV tokens valued at approximately $10.33 million from the popular crypto exchange Binance.

What makes this move even more intriguing is that the whale proceeded to stake the entire sum on Convex Finance (CVX), a DeFi platform intricately designed to empower Curve users in enhancing their rewards.

Not to be outdone, another whale executed a withdrawal of 5.78 million CRV tokens, worth in excess of $3 million, from Binance on a Sunday, further piquing the curiosity of the crypto community.

Whale”0xDf14″ withdrew 5.12M $CRV($2.7M) from #Binance again 6 hours ago.

And the whale has withdrawn a total of 19.56M $CRV($10.33M) from #Binance in the past 3 days.

The whale staked all $CRV on #Convex.https://t.co/eSOmZSlmk8 pic.twitter.com/8fXj2VVk3T

— Lookonchain (@lookonchain) September 25, 2023

Resistance Looms, Yet Potential For CRV Persists

The current price of CRV on CoinGecko stands at $0.515, reflecting a 0.1% decline over the past 24 hours but showing a promising seven-day rise of 16%.

Despite the upward surge, CRV is currently confronting a resistance zone in the vicinity of the $0.55 mark, potentially attributable to short-term traders capitalizing on their gains.

In the event that supply pressure mounts, this altcoin could undergo a minor retreat, possibly descending to levels around $0.5 or even $0.45 as it regains its bullish footing.

CRV market cap currently at $459 million. Chart: TradingView.com

If the ongoing recovery trend retains its momentum, CRV’s price, according to a price report, may aspire to another notable ascent, targeting a 10% upswing to challenge the upper threshold of a long-standing channel pattern.

Taking a step back to assess the broader picture, the CRV token has endured a prolonged correction phase, ensnared within a descending channel pattern that has persisted since February 2023.

Implications For The Future

As CRV navigates the currents of the crypto market, the recent surge in whale accumulation adds a layer of anticipation to its journey. Whether this accumulation is indicative of a more sustained bullish run remains to be seen, as the token grapples with resistance levels and supply dynamics.

Nonetheless, the evolving dynamics surrounding CRV underscore the ever-evolving nature of the cryptocurrency space, where market sentiment and investor behavior can rapidly shift the course of a digital asset.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.