CRV, Curve DAO’s governance token, is generating growing excitement in the cryptocurrency space. The token recently broke free from a descending channel that had suppressed its price for several months.
Renowned crypto analyst World of Charts confirmed the breakout, stating that moving past the channel’s upper boundary could significantly boost CRV’s value. In a recent X post, the analyst highlighted the breakout as a strong bullish signal, suggesting CRV could potentially double in price.
Another respected analyst, ZAYK Charts, highlighted the importance of this breakout. ZAYK pointed out that this move was anticipated and has now materialized as expected. The analyst emphasized that the technical indicators supporting this breakout suggest that CRV could be on the verge of entering a robust, bullish phase.
Following the breakout, the price of CRV has established a new support level of around $0.30. This level is crucial because it previously acted as resistance while the token was confined within the descending channel. Now, as the price hovers above this mark, it serves as a foundation for potential upward momentum.
From a technical standpoint, CRV’s price has already shown signs of recovery. The token saw a 9.89% increase following the breakout, reaching $0.3118 as of press time. Key technical indicators, such as the Relative Strength Index (RSI), have moved above the neutral 50 level, while the Awesome Oscillator (AO) is approaching its threshold. These indicators are crucial for sustaining the bullish momentum and could contribute to further gains if they continue to hold.
Major Liquidation Hits CRV as Market Decline Continues
On-chain data also supports CRV’s bullish outlook. Santiment’s Daily Active Addresses index, which monitors network activity, reported a 73% increase in CRV’s active addresses in a single day. This surge, the highest since mid-June, indicates growing demand for CRV’s blockchain services and could further fuel a price rally.
The next few days would determine whether the market closely watches CRV and whether the token could sustain its breakout and realize the anticipated upward trajectory. For now, the crypto community remains vigilant, eagerly awaiting CRV’s next move.
