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Investors can buy CRV for cheap if price falls to $0.42-$0.48 demand zone – Details!
The Curve DAO token (CRV) has been on a downtrend lately, with the price clinging to the lower Bollinger Band as support. As the asset continues to sink towards the $0.45 zone, which was a previously established bullish order block in early April, there may be a buying opportunity on the horizon.
It’s crucial to note that Bitcoin’s (BTC) recovery is required for any CRV price rally, as it has historically aided the token’s movements. However, at present, the leading cryptocurrency’s situation can be characterized as slightly precarious.
On-chain metrics have revealed a potential buying opportunity for investors. The weighted sentiment of social media engagement was found to be slightly bearish. The MVRV ratio dropped steadily lower over the past month, indicating that CRV holders from three months ago were holding onto losses. Meanwhile, the mean coin age trended upward during this downtrend, suggesting network-wide accumulation.
While the 24-hour market capitalization change of $-0.69 may not seem like a significant decline at first glance, it’s essential to consider it in context. The data suggests that CRV holders are selling their tokens, which is typically indicative of the end of a bearish trend or an imminent reversal.
Source: ambcrypto.com
