CRYPTOCURRENCY CRV departs local trading confines, potent bullish retests hint at 20% surge
Here's a fresh take on the subject:
Curve DAO (CRV) Breakout and Possible Uptrend
After a 12-day dance within a well-defined range, CRV has finally punctured through, setting its sights on key resistance levels. This daring escape could be the spark for a robust uptrend, if things go as planned.
For nearly two weeks, CRV's price has been antagonistically orchestrated by an equilibrium structure, compressing its movements until a sudden breakout1. This breakout has now flipped the previous range high into a potential safe harbor, providing an intriguing opportunity for a continuation to higher grounds.
The breakout-retest structure, given the right conditions, is often a harbinger of sentiment shifts and a new trend's birth. With bullish vibes swirling and a technical alignment of support now forming at the breakout zone, it's essential to keep a close eye on further confirmation2.
Important Factors to Consider
- Blocked and Loaded: CRV's previous resistance level is now being tested as support, a common pattern in technical analysis. A successful confirmation of this support could propel price action upwards by as much as 20% towards the next critical support/resistance level.
- VWAP Support: The strength of this price movement is bolstered by a strong confluence of VWAP support aligning with the breakout zone. This area is currently being respected by current candles and could serve as a strong foundation for future growth.
- Average but Ambitious Volume: The volume profile for CRV is exhibiting readings higher than the average, indicating substantial backing for the move.
Prospective Price Action
As long as CRV maintains the newly-reclaimed range high and volume remains steady, the odds favor a march towards the upside3. A bullish response here could kickstart a rally towards the daily SR resistance, potentially resulting in a 20% surge.
However, if CRV fails to secure the current retest, it may find itself tumbling back into the previous range, cancelling out the breakout4. Traders should keep a reckless eye on both price and volume, looking for confirmation before diving into any continuation strategies.
Fun Fact: Fartcoin Forecast
If we're talking about wild predictions, some pundits have even speculated that Fartcoin could surge an astounding 135%, potentially revisiting its all-time high5. Take this with a grain of salt (or a deep breath), but the world of cryptocurrency is nothing, if not unpredictable!
- The Curve DAO (CRV) has broken out of a 12-day price range, which could potentially trigger a strong uptrend.
- The breakout-retest structure in CRV's price movement could indicate a shift in sentiment and the birth of a new trend.
- If CRV maintains the newly-reclaimed range high and volume remains steady, it may rally towards the daily SR resistance, potentially resulting in a 20% surge.
- A failure for CRV to secure the current retest could result in a fall back into its previous price range, canceling out the breakout.
- The strength of the CRV price movement is bolstered by a confluence of VWAP support aligning with the breakout zone.
- Some analysts have speculated that Fartcoin could potentially surge by 135%, revisiting its all-time high, showcasing the unpredictable nature of the world of cryptocurrency.
