Is Curve DAO (CRV) Price On Track To Reach Or Exceed $1 This Month?

Christian Encila

1 year ago

3 mins read

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Curve DAO (CRV) encountered notable obstacles in reestablishing its market equilibrium subsequent to a recent breach in its network security.

After a network intrusion that jeopardized a portion of Curve DAO’s (CRV) smart contracts and caused a monetary setback of $50 million, the value plummeted drastically.

This occurrence prompted numerous investors to bet against their CRV tokens, exacerbating the downward pressure on its valuation.

Based on a recent analysis of the price trends, the value of Curve DAO experienced a favorable support level close to the $0.56 threshold. On August 1st, there was an instance of rejection for the lower price, indicating that buyers are accumulating at this reduced price point.

Anticipated Curve DAO (CRV) Price Movement

In the face of ongoing security concerns, a separate analysis anticipates a substantial 42.1% surge in CRV’s price, propelling it to $0.81 once the security issues are effectively addressed and resolved.

Conversely, contrasting predictions foresee a potential 15.7% decline, bringing the value down to $0.48. This shift in sentiment is attributed to a significant number of investors diverting their attention toward competing options within the CRV ecosystem.

Examining the daily chart, a notable trend emerges as the CRV price experiences its second reversal from a horizontal support level, indicative of the emergence of a double bottom pattern. Presently, this bullish reversal has facilitated an 8% upsurge, driving the price to its current value of $0.614.

CRV market cap at $525 million on the daily chart: TradingView.com

Within the framework of the double bottom pattern, an expectation arises for buyers to steer the prices upwards by 20%, seeking to challenge the upper trendline of the channel pattern.

The true confirmation of a trend reversal lies in a bullish breakout from this resistance level, which would fortify the validity of the emerging pattern.

A Potential Trend Reversal

The double bottom pattern is a technical chart pattern observed in financial markets, characterized by two consecutive troughs forming near a common horizontal support level.

This pattern suggests a potential trend reversal from a downtrend to an uptrend, as the initial downtrend exhausts itself and buyers regain control, leading to a bullish breakout when the price surpasses the pattern’s resistance level.

Should the CRV breakout materialize, a subsequent rally could ensue, targeting an initial goal of approximately $0.08. Following this milestone, a subsequent price objective of $1.1 might come into play, underscoring the potential magnitude of the trend reversal that the double bottom pattern could potentially signify.

CRV price action. Source: Coingecko

With a CoinGecko listing of $0.603, the price of CRV demonstrated a 2% decline over the past 24 hours, while it managed a 1.7% increase over the last seven days.

(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 CCN.com

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.