Here's Why CRV is Due for a Breakout | Credit: Hameem Sarwar
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Key Takeaways
Curve DAO Token (CRV) broke out from a descending parallel channel.
The CRV price completed a five-wave movement and a correction.
Will CRV break out above the $0.82 resistance and move to new highs?
Curve DAO Token (CRV) has broken out from its descending parallel channel, signaling the end of its corrective phase.
The move comes after a retracement confirming $0.82 as resistance, leading to a local low of $0.63.
Indicators such as RSI and MACD have flipped bullish, confirming momentum has shifted upward.
This sets the stage for CRV to reach new highs if it clears the $0.82 resistance.
CRV Price Analysis
On July 16, the CRV price broke out from its long-term resistance of $0.82. While the breakout led to a high of $1.16, the rally failed to sustain.
In August, CRV broke down below the $0.82 area and validated it as resistance before falling to a low of $0.63.
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Momentum indicators perfectly align with this scenario. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have broken out from their diagonal resistances and are now above their bullish thresholds.
So, the CRV price prediction is bullish, and a breakout above $0.82 could trigger a massive increase to the upside.
Will CRV Break Out?
A look at the upward movement since the start of March shows that the CRV price completed a five-wave leading diagonal (green) that culminated with the $1.16 high.
The wave count suggests that the movement inside the channel was a complex correction, fitting perfectly with the price action.
If this count is accurate, the analysis suggests that CRV has initiated a new upward movement, potentially leading to significantly higher prices.
If the CRV increase has the same length as the previous one, the price will reach a high of $2.11, representing a 175% increase from the current price.
Since the CRV price is still in wave one of this increase, the rally will become parabolic once the price begins wave three, likely coinciding with a breakout from the $0.82 resistance area.
Bullish Trend Ahead
The completion of the five-wave structure and breakout from a corrective channel suggest that CRV has entered a new bullish cycle.
A breakout above $0.82 would confirm this outlook and open the door to a much larger advance, leading to a projected target of $2.11.
CRV is positioned for significant upside if it clears the $0.82 resistance.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
