Curve DAO (CRV) Eyes Breakout — 70% Price Rally Tests 110-Day Resistance

Key Takeaways

• Curve DAO (CRV) follows a descending resistance trend line.
• The CRV price has increased by over 70% since March 11.
• Can CRV sustain its momentum and move above resistance?
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CRV has mounted an impressive rally since March 11, pacing the crypto market in the past 24 hours.

The price broke out from a short-term bullish pattern and aims to break out from a long-term descending resistance trend line.

The trend line has existed for 110 days, so a breakout above it could accelerate the upward movement even further. Let’s look at the charts and see if this will happen.

CRV Price Reaches Resistance

The daily time frame CRV analysis shows that the price has fallen under a descending resistance trend line since the cycle high of $1.33 on Dec. 7.

The downward movement culminated with a low of $0.346, a decrease of 73% since the high. CRV has rebounded since and mounted a rally.

After a 70% increase, the CRV price reached the resistance trend line with a high of $0.59. If the price breaks out, the next resistance will be at $0.80.

Technical indicators are decisively bullish, suggesting that CRV will break out.

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

The RSI is above 50 while the MACD is above 0, both signs of a positive trend. As a result, CRV’s daily time frame suggests a breakout is likely.

CRV Correction is Over

The Curve DAO wave count supports the bullish price action and indicator readings from the daily time frame, showing a completed A-B-C correction (red) since the cycle high.

The sub-wave count is in black, showing a finished five-wave decline, with wave five an ending diagonal, a fitting end for such a structure.

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If the count is accurate, CRV has started a significant relief rally that could take it to the 0.5-0.618 Fibonacci retracement resistance at $0.80-$0.95, aligning with the horizontal resistance.

While it is still unclear if the ongoing increase is a new five-wave movement or another corrective rally, both predict a significant CRV price increase.

Therefore, daily readings are all bullish, predicting a CRV breakout from the resistance trend line.

CRV Breakout Ahead

CRV has shown impressive strength, rallying 70% after its March 11 lows and reaching a long-term resistance trend line.

Since the cycle high, the trend line has existed, so a breakout above it will confirm that the correction is over.

Curve DAO’s price action, indicator readings, and wave count are all bullish, suggesting the price will break out.