Important points
- Despite the ongoing market correction, CRV is up less than 1%.
- As the bulls continue to accumulate, the coin could rally towards the psychological level of $0.5.
Curve DAO exceeds $0.40
Curve DAO (CRV) has increased its value by over 8% in the past 24 hours and is trading above $0.40. After a nice short-term rally, the pair is facing resistance at $0.433.
The bullish performance is occurring amid whale accumulation. According to Santiment supply distribution data, whales holding between 10 million and 100 million CRV tokens (blue line) have accumulated a total of 33 million CRV tokens from early January to Thursday.
However, wallets holding 100,000 to 1 million ADA tokens (red line) and 1 million to 10 million CRV tokens (yellow line) have 29 million tokens leaked.
Additionally, Santiment’s Daily Active Addresses index, which tracks network activity over time, also suggests a bullish bias. The increase in indicators suggests that blockchain usage is increasing.
CRV daily active addresses increased from 945 on December 26th to 1,388 on Thursday, the highest level since October 14th. This surge indicates growing demand for Curve DAO’s blockchain usage, which could benefit CRV’s price.
CRV has the potential to expand profits beyond $0.5
The CRV/USD 4H chart is bearish and efficient despite the coin’s recent bullish movement. CRV retested weekly resistance at $0.433 and is currently trading at $0.414.
At the time of writing, CRV is attempting to break above the weekly resistance level. If this happens, CRV could extend its rally towards the November 10 high of $0.548, which coincides with the 200-day EMA.
The Relative Strength Index (RSI) on the 4-hour chart is 51, above the neutral level of 50, indicating bullish momentum is gaining momentum.
Finally, the Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover, adding further bullish confluence to the coin.
If the market correction continues, CRV could fall towards its year-to-date low of $0.357.
