Key Highlights
- The CRV token has experienced a slight increase of less than 1% amid ongoing market corrections.
- Price projections suggest a potential surge towards the psychological threshold of $0.50 as bullish accumulation continues.
Curve DAO Surpasses $0.40 Mark
The Curve DAO token (CRV) is now trading above $0.40, marking an impressive increase of over 8% in the last 24 hours. The token is currently facing resistance at $0.433, following significant short-term gains.
This bullish performance is attributed to whale accumulation. Data from Santiment reveals that large holders, controlling between 10 and 100 million CRV tokens, have acquired a total of 33 million tokens from early January to Thursday.
Conversely, wallets containing between 100,000 and 1 million CRV tokens, as well as those holding between 1 million and 10 million, have seen a decline, shedding a total of 29 million tokens.
Moreover, Santiment’s daily active address index indicates a bullish trend as it tracks network activity over time, suggesting growing usage of the Curve blockchain. Daily active addresses for CRV rose from 945 on December 26 to 1,388 this Thursday, marking the highest level since October 14. This uptick points to an increasing demand for Curve DAO’s blockchain capabilities, potentially boosting CRV prices.
CRV Poised for Further Gains Beyond $0.50
Despite the recent bullish activity, the 4-hour CRV/USD chart presents a bearish outlook. After attempting to break through the weekly resistance level at $0.433, CRV has retraced to trade at approximately $0.414.
At the time of this report, CRV is making another attempt to breach the weekly resistance. If successful, the token could extend its gains towards the November 10 high of $0.548, coinciding with the 200-day Exponential Moving Average.
The Relative Strength Index (RSI) on the 4-hour chart shows a reading of 51, indicating that bullish momentum is gaining traction. Additionally, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, adding further bullish momentum to the token’s prospects.
Nevertheless, should the market correction continue, CRV may face a decline towards the year’s new low of $0.357.
