Curve DAO (CRV) Price Bounces Back — 115-Day Resistance Could Soon Crumble

Key Takeaways

• Curve DAO (CRV) is approaching its resistance trend line.
• CRV has regained most of its losses from last week’s dip.
• Can CRV sustain its momentum and finally break out?
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The CRV price struggled to break out last week, mirroring the broader crypto market correction.

However, the dip was short-lived since CRV regained its footing and is attempting another breakout.

Historically, cryptocurrencies that show strength after a dip are often the first to resume increasing

Will CRV finally break out, and if so, what’s the next price target?

CRV Price Nears Resistance

The daily time frame analysis shows that the CRV price has decreased under a descending resistance trend line for 115 days.

The trend line has existed since the cycle high, shaping the ongoing correction.

Last week, CRV made an unsuccessful breakout attempt (red icon), which led to a bearish engulfing candlestick.

CRV fell to a low of $0.44 before reversing and nearing the resistance again.

Technical indicators increase the likelihood of a breakout from the resistance.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) created bullish divergences (orange) before the upward movement.

The trend lines of the divergences are intact. The RSI is above 50, while the MACD is positive, all signs of a bullish trend.  If a breakout happens, the next resistance will be at $0.80.

Will CRV Break Out?

The wave count gives a bullish CRV prediction, suggesting an April breakout is on the cards.

The count shows a completed A-B-C structure (black) for several months, encompassing the entire resistance trend line.

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If the count is accurate, the CRV price has started an upward A-B-C structure (green), which will cause a breakout from the trend line.

It is unclear if wave B has ended or if CRV will fall again to complete it. In both cases, an eventual CRV price breakout is likely.

If that happens, the main resistance area will be between $0.72 and $0.83, created by the 0.382-0.5 Fibonacci retracement resistance level.

The area also coincides with the long-term horizontal resistance from the daily time frame, increasing its significance.

Bullish April for CRV

The CRV price has outperformed the rest of the crypto market this week by regaining most of last week’s losses.

The price action, wave count, and indicator readings all suggest that a breakout from the resistance trend line will happen.

If the breakout transpires, the CRV price can increase toward the next resistance at $0.72 and $0.83.