CurveDao Leads DeFi Charge, CRV Surges 15% in 24 Hours
CRV on the rise making it the biggest gainer in DeFi. As it previously fell to an all-time low, is a new bullish phase beginning?
Key Takeaways
- CRV rebounded 18% from its all-time low.
- Curve Founder requests 21 million CRV for development funding.
- A potential uptrend could push CRV above $0.50 if confirmed.
On Aug. 5, following the global market rout, CurveDAO’s CRV token reached a nadir, plummeting to an all-time low of $0.18, eclipsing its previous low of $0.32 from 2020.
However, the token has since embarked on a promising recovery journey, building momentum from the Aug. 20 low of $0.29 and surging 18% to $0.34.
CRV’s resurgence has catapulted it to the top of the DeFi sector, as it now boasts the largest gains among its peers. As the token continues to ascend, speculation is growing that it may enter a new bull phase, potentially unlocking even more upside potential for investors.
Curve Founder Submits 21M CRV Request For Development
Curve Founder Michael Egorov has submitted a proposal requesting a significant portion of the Curve DAO’s Community Fund to support the protocol’s ongoing development.
This proposal marks a significant shift in the DAO’s operations, as it aims to secure funding for Swiss Stake AG, the company behind many of Curve’s key components.
The funding will be used to maintain and expand Swiss Stake’s 25-person team and fuel research and development efforts, with bi-annual spending reports promised.
The proposal has sparked considerable debate within the Curve community. While many members acknowledge Swiss Stake AG’s contributions to Curve’s success, they have expressed concerns over the lack of a detailed roadmap.
Although the proposal received a skeptical response, it may have contributed to the recovering bullish sentiment.
CRV Price Analysis
Since its all-time low, CRV has advanced in a five-wave pattern, breaking the descending resistance and entering the horizontal zone above $0.30. This could be interpreted as a bullish sign of a potential new bull phase, but further confirmations are needed.
A reversal is likely due to the bearish divergence between the ending wave and technical indicators RSI and MACD over a 4-hour period. In the short term, one more push to the upside is expected, targeting $0.36.
If CRV manages to hold above $0.25 on the expected retracement, its 0.618 Fibonacci level, it would indicate that CRV could be starting a major uptrend. In that case, we could expect a further rise, leading to a value above $0.50 on its next uptrend, climbing above the horizontal zone’s resistance.
If this plays out, the price could have even more upside potential, as that would only be wave 3 from the higher-degree five-wave impulse.
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