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Curve DAO Surges 24% in 7 Days: Is $1.16 Ahead for CRV?
In a remarkable turn of events, Curve DAO has experienced an astonishing surge of 24.79% over the past week, a clear indication that the market is shifting towards a more bullish sentiment. This upward momentum has been steadily building since it hit a local low of $0.68 just last week.
At its peak, CRV reached a high of $1.08 before retreating to its current value of $0.97, representing an impressive 8.03% increase on daily charts. The trading volume has also seen a significant spike, rising by 21% to reach $386 million over the same period.
Despite experiencing a slight pullback, the overall market conditions indicate that CRV is primed for further gains. With investors increasingly confident in the cryptocurrency’s prospects, it appears that Curve DAO is on the cusp of a sustained recovery.
The data suggests that this upward momentum is fueled by a strong increase in exchange flow balance, which has dipped to hit a negative value of -417.6. This indicates that investors are no longer selling their CRV holdings and instead, they’re transferring their assets to private wallets, indicating a shift towards long-term holding strategies.
Furthermore, the market data shows a decline in Large Holders Netflow to Exchange Netflow Ratio from 1.38% to -0.32%. The significant drop in this ratio implies that large-scale investors have shifted from selling their CRV tokens to holding onto them, and they’re unwilling to sell at current levels.
Additionally, the Binance Funding Rate has remained positive over the past five days, signifying a strong demand for long positions on the exchange. This indicates that traders are willing to pay a fee to hold their long trades even during minor dips, further solidifying the notion that Curve DAO is poised for continued growth.
In conclusion, while there may be some temporary setbacks in the coming days, it appears that CRV has entered a phase of sustained upward momentum. It’s likely that if these bulls can maintain their grip on the market, Curve DAO could potentially breach $1.12 and then aim to reach the next target at $1.16.
However, it is essential for investors to remain vigilant and monitor market fluctuations closely, as any signs of selling pressure or a reversal in sentiment could quickly send CRV plummeting back down to $0.87.
Source: ambcrypto.com
