Will the listing on Robinhood help Curve DAO reverse its losses incurred during August?
In the world of cryptocurrency, the price of CRV, the governance token of Curve Finance, is showing signs of a potential surge. According to Elliot Wave analysis, a plummeting exchange reserve could lead to a 26% increase in CRV's value.
The daily chart reveals that CRV has been forming a falling wedge pattern, a bullish reversal pattern that is typically followed by a strong trend reversal in favour of the bulls. This pattern is characterised by lower highs and lower lows, with the trendlines converging since late July.
A breakout from the falling wedge pattern could be imminent, as CRV recently touched the upper trendline, potentially signalling a breakout. This breakout could push the CRV token as high as $1.14, according to some analysts, if accompanied by strong volume.
The MACD indicator, a popular momentum oscillator, shows a positive crossover with the signal line, which is viewed as a buy signal. Additionally, the Chaikin Money Flow is showing a positive reading, indicating more capital and fresh money entering the market.
If CRV confirms a breakout from the falling wedge, the next likely target for the token is the 61.8% Fibonacci retracement level at $0.95. This level is significant as it represents a key resistance level that could potentially cap the upward momentum.
However, it's important to note that a breakdown from the lower trendline would invalidate the setup and potentially lead to sustained losses.
In other news, a proposal for creating new income sources for CRV holders on Curve DAO was submitted by Andre Cronje. The proposal, if approved, could provide additional support for the CRV token price.
As always, it's crucial to do your own research and consider seeking financial advice before making any investment decisions. The cryptocurrency market is known for its volatility, and prices can change rapidly.
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