Dual Trendline Limits The CRV Bull Run

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The falling CRV price paused $1 psychological support and witnessed a minor consolidation for the past couple of weeks. This wavering price forms a descending triangle pattern, threatening a longer correction for CRV, but the crucial support level delays a fallout.

Key points:

The rising RSI slope indicates growth in bullish momentum. 
The CRV price needs to face to descending trendline to establish a legit bull run. 
The intraday trading volume in the CRV token is $149.1 Million, indicating a 1% gain.

TradingView Chart

Source- CRV/USD chart by Tradingview

During the 2022 first four months, the CRV price took a heavy beating from a downsloping trendline, leading to the formation of a descending triangle pattern. Thus, pressured by a bearish pattern, the altcoin lost the neckline support($2) on May 11th. 

A decisive breakdown from the $2 psychology support sank the CRV price to a $1 mark. Interestingly, the chart forms the same bearish pattern on a short scale. Therefore, the price action gradually squeezes narrower with a sharp descending trendline and $1 stiff support. 

Under the pattern influence, the CRV price breached $1 support and dipped to the next significant support at $0.88.

Conversely, suppose the buyers could undermine the selling pressure with a bullish breakout from the triangle pattern. In that case, the CRV price could surge almost 100% higher to hit the aligned resistance of $2 and long-coming descending trendline. 

Thus, a bullish breakout from longer resistance could trigger a genuine recovery. 

Technical analysis

In contrast to the falling price, the daily RSI slope trending higher bolsters the bullish breakout theory from the triangle pattern. 

During early May, a sudden drop in CRV price brought a stepper downturn for the crucial DMAs(20, 50, 100, and 200), accentuating the high selling momentum. These DMAs may assist sellers in maintaining their trend control. 

Resistance levels- $1.5, and  $2
Support levels- $1 and $0.88

 

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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