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bitcoin
Bitcoin (BITCOIN)
$117,404 1.44%
ethereum
Ethereum (ETHEREUM)
$3,750 2.66%
binancecoin
BNB (BINANCECOIN)
$782.89 2.37%
solana
Solana (SOLANA)
$186.72 4.91%
ripple
XRP (RIPPLE)
$3.16 2.31%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000014 4.80%
pepe
Pepe (PEPE)
$0.000013 3.73%
bonk
Bonk (BONK)
$0.000035 3.20%
bitcoin
Bitcoin (BITCOIN)
$117,404 1.44%
ethereum
Ethereum (ETHEREUM)
$3,750 2.66%
binancecoin
BNB (BINANCECOIN)
$782.89 2.37%
solana
Solana (SOLANA)
$186.72 4.91%
ripple
XRP (RIPPLE)
$3.16 2.31%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000014 4.80%
pepe
Pepe (PEPE)
$0.000013 3.73%
bonk
Bonk (BONK)
$0.000035 3.20%
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CurveDAO Price Analysis – Why CRV Could Soon Rally to $1.50

Highlights:

  • CRV has today broken out of a range and closed above $1.02 resistance
  • Rally through resistance now puts $1.50 in focus
  • Strengthening CurveDAO fundamentals could trigger such a price rally 

CurveDAO Token (CRV) is one of the top gainers today, showing strength on a day that the overall market is mostly calm. At the time of writing, CurveDAO was trading at $1.05, up by 4.67% in the day. Trading volumes were also increasing, and had risen by 47% to $685.6 million when writing. This points to a buildup in bullish momentum and a hint that CurveDAO could be headed higher in the short to medium term. The excitement around CurveDAO can be linked to its fundamentals and an increasingly bullish outlook for the broader cryptocurrency market. 

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CurveDAO Supply Available for Trading Shrinking

From a look at the fundamentals, CurveDAO investors are excited that the token supply is declining, which could help push the price higher over time. One factor driving CRV scarcity is the fact that a sizeable amount of CurveDAO tokens is now in the hands of whales. These whales have also shown that they are not hurrying to sell. This has not limited the correction in the past week when most altcoins have seen double-digit drops, but also means there is an element of scarcity.

The scarcity aspect of CurveDAO is enhanced by its stock-to-flow ratio, which recently made a new all-time high. This means there has been a sharp drop in token emissions, and the average investor expects CurveDAO to get even scarcer going into the future. At the moment, CurveDAO has around 2.2 billion tokens and 93,800 holders, with big players holding the bulk of it. If this dynamic remains and FOMO builds up across the cryptocurrency market, the CurveDAO token could be headed to new highs. That’s because new money entering the ecosystem would be chasing declining tokens.

CurveDAO Ecosystem Is Getting Stronger

Besides favorable tokenomics, investors are excited by CurveDAO because its ecosystem is strengthening. One of the pointers to its strengthening fundamentals is the fact that its total value locked has increased significantly and now stands at $2.5 billion. This indicates depth of liquidity and gives CurveDAO an edge in the DeFi space. CurveDAO has also made several improvements that could increase its TVL over time. One of them is the announcement of a dedicated Treasury DAO.

The CurveDao team has also worked on a better interface for Llamalend and Block Oracle. All these moves are set to make CurveDAO a more central player in the DeFi space. This is a big deal, especially because DeFi is about to go big thanks to legal clarity in the US. The result is that CurveDAO could see a surge in demand, pushing its price to new highs over time.

Broader Market Momentum Could Add to CRV Gains

Regarding the broader market outlook, Bitcoin looks set for a rally to $120k and higher in the short term. Some analysts expect $200k Bitcoin before the end of the year. The result is that the altcoin market could be headed for another wave of gains in the short term. For CurveDAO, which is already showing strength in its core market, this could see its value keep going up throughout the year.

Technical Analysis – CurveDAO In A Breakout After Weeklong Consolidation

CRV is in a bullish breakout after a weeklong consolidation between the $1.02 resistance and $0.917 support. The price has already closed above the $1.02 resistance, a clear signal that bulls are now firmly in control.

CRV
Source: TradingView

If bulls sustain this momentum, then CRV could rally to $1.50 in the short term. However, if momentum fails, the odds are high for a consolidation above $1.02, now a support level.

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