The Curve Dao Token (CRV) price is winning on the charts today, skyrocketing 10% to trade at $0.313. Its 24-hour trading volume has notably gone ballistic, increasing 79% to $245 million. The noticeable price movement comes as Curve Finance, a decentralized exchange (DEX) and automated market maker (AMM) platform, revealed the annual reduction of its native CRV token emissions.
CRV turns 4 years, and CRV inflation reduces to 6.35%, which is 375k CRV per day.
Advertisement
Congratulations everyone! pic.twitter.com/eHsDZfMvkt
— Curve Finance (@CurveFinance) August 12, 2024
The reduction in emissions and the end of vesting periods simultaneously show that the net annual inflation of the CRV token will go down. This will suggest a plunge from around 20% to about 6%. Meanwhile, Curve DAO is a decentralized exchange for stablecoins that uses an automated market maker to manage liquidity.
Curve Dao Statistical Data
Based on CoinmarketCap data:
- CRV price now – $0.313
- CRV market cap – $366 million
- CRV total supply –2.15 billion
- CRV circulating supply – 1.17billion
- CRV ranking – #135
CRV Technical Indicators Emerge Bullish
The CRV sellers seem to have capitalized on a death cross formed around $0.576 on May 3, driving the Curve DAO price downward. The token fell like a dead weight in the air with no strong guards to keep the bearish sentiments in check. However, the bulls gathered some stamina at around the $0.219 support level, regaining composure to prevent further downward losses.
This led to a tug-of-war between the bulls and the bears, forcing the CRV price into a consolidation phase. Over the past few days, the CRV price has been stuck in a tight range, with the upper limit/resistance at $$0.379 and the lower limit/support at $0.210.
However, the technical outlook shows that the bulls are winning the tussle, as they have flipped the 50-day Simple Moving Average (SMA) into support at $0.272. Increased buying pressure would see the bulls flip the next resistance at $0.459 into support, potentially continuing a rally.
Moreover, the Relative Strength Index (RSI) upholds the bullish outlook, with its strength at 61. Furthermore, its position below 70 indicates significant upside potential before CRV is considered overbought. However, traders looking to take long positions on the Curve DAO token should keep their positions intact, waiting for the CRV price to break and close above $0.459.
Notably, traders are at liberty to hold their long positions in CRV unbroken, bolstered by the bullish outlook from the Moving Average Convergence Divergence (MACD) indicator. A buy signal validated the rally with the blue MACD line stepping above the signal line in orange. The momentum indicator trends upwards into the positive region, above the mean line at 0.00.
Curve DAO Price Prediction
According to the daily-chart technical outlook, the bulls show resilience as they target the immediate resistance key at $0.459. A flip of the $0.459 resistance level into a support floor would pave the way for further upside. A break and close above it would encourage more buy orders, potentially sending the CRV to the range high of $0.736. The gains could extrapolate towards a new peak at $1 in a highly bullish case. Conversely, the Curve DAO price may drop if traders start early profit bookings. A breach below the $0.272 would invalidate the bullish outlook.
Advertisement
