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Curve DAO Surges 24% in 7 Days: Is $1.16 Ahead for CRV?
In a stunning display of market momentum, Curve DAO (CRV) has witnessed an astonishing surge of 24.79% over the past week, reaching a high of $0.97 and surpassing its local low of $0.68 reached just seven days ago.
The recent price action has raised many eyebrows in the cryptocurrency community, as this substantial increase defies the current market trends. Analysts at AMBCrypto have been monitoring the situation closely to assess whether CRV is on the verge of a sustained recovery or merely experiencing a temporary correction.
An examination of the exchange flow balance reveals that investors are increasingly moving their CRV tokens off exchanges and into private wallets, resulting in a negative value of -417.6. This phenomenon indicates that investors have become more confident in the market, believing the price will continue to rise, rather than sell at these prices.
A closer analysis of whale behavior also reveals an optimistic outlook for CRV. The Large Holders Netflow Ratio has plummeted from 1.38% to -0.32%, indicating a significant shift towards accumulation by large-scale investors. This shift in sentiment underscores the conviction among whales that their assets are undervalued and will likely rise, rather than decline.
Furthermore, our analysis indicates that CRV is experiencing a strong demand for long positions on Binance, with a persistent positive funding rate over the past five days. The presence of longs supporting the spot market suggests that investors are willing to pay a fee to hold their trades even during downturns, indicating an unwavering confidence in the asset’s upward trajectory.
Finally, our data shows that short-term traders have adopted a decidedly bullish stance on CRV, with 52% of all positions taken being long bets. This dominant presence of long positions suggests that the majority of investors believe the price will continue to rise.
In light of this comprehensive analysis, it appears that Curve DAO is signaling a potential recovery with an overwhelming build-up of momentum supporting its upward trajectory. If this bullish trend sustains itself, we anticipate CRV will reclaim $1.12 in the near term. In the event that these bulls can maintain their dominance and push prices higher, our next target would be $1.16.
However, should market sentiment shift and bears regain control, we may see a retreat to as low as $0.87.
Source: ambcrypto.com
