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Curve DAO Surges 15% but Risks Pullback: $0.86 or $0.70, What’s Next for CRV?
In a dramatic turn of events, Curve DAO has surged an impressive 15.5% to hit a two-month high of $0.8 amid aggressive accumulation. This significant price hike has led to an all-time high scarcity value of 71.68.
The sudden rally is attributed to buyers flooding the market, seeking to capitalize on the growing upward momentum. The data from CoinGlass reveals that Curve DAO’s Exchange Netflow has dropped significantly, plummeting to a three-week low of -$2.67 million. This stark reversal in buying pressure signals an influx of capital entering the market.
As a direct result of this aggressive accumulation, CRV’s scarcity soared to 71.68, indicating that fewer tokens are now available for immediate sale. Historically, such market behavior has preceded higher prices as upward pressure on prices mounts amid low selling activity.
While the current trend is encouraging, it’s essential to acknowledge that Curve DAO risks a pullback. The Relative Strength Index (RSI) of 76 touches overbought territory, suggesting that the market may be due for a correction. Moreover, the +DI of DMI has surged to 40.5, reflecting strong upward momentum and its continuation potential.
Despite these warnings signs, the altcoin’s fundamental outlook remains optimistic. The market is still in the early stages of an uptrend, with the supply level remaining at $0.86. This resistance line aligns with multi-month support, making it a crucial point for traders to monitor closely.
Source: ambcrypto.com
