CRV’s Price Plummets as Its Daily Volume Experiences a Sharp Drop

  • Kaiko revealed in a Twitter post yesterday that the daily volume for CRV has plummeted over the past 2 weeks.
  • According to the post, the altcoin’s volume has dropped from $300 million to just $7 million.
  • Meanwhile, a significant bearish technical flag was on the verge of being triggered on CRV’s daily chart.

The on-chain intelligence platform Kaiko revealed in a post on X (Twitter) yesterday that the collective volume for Curve DAO (CRV) plummeted over the past 2 weeks. According to the post, CRV’s volume dropped from its latest daily high of $300 million to just $7 million on 7 September 2023. Furthermore, the majority of this volume took place on centralized exchanges, noted Kaiko.

Meanwhile, from a technical perspective, CRV’s price broke below a key support level over the past 24 hours. During this period, the altcoin’s price lost the support of the $0.3975 mark, where it continued to trade at press time.

Daily chart for CRV/USDT (Source: TradingView)

If CRV is unable to close a daily candle back above this significant price point within the upcoming 48 hours, then it may be at risk of plummeting to the next crucial level at $0.3240 over the following week.  This will constitute around a 17% drop from the altcoin’s current value.

However, CRV closing a daily candle above $0.3240 in the following 48 hours may invalidate this bearish thesis. In this scenario, CRV’s price may attempt a recovery to back above the $0.4515 threshold. Thereafter, continued bullish momentum could even elevate the cryptocurrency’s price to $0.5140 as well.

Investors and traders will want to take note of the fact that a significant bearish technical flag was on the verge of being triggered on CRV’s daily chart. At press time, the daily MACD line was attempting to cross below the MACD Signal line.

Should these 2 technical indicators cross, it will signal that momentum has temporarily shifted in favor of sellers. This may then be followed by CRV’s price continuing to decline in the subsequent couple of days.

Meanwhile, CoinMarketCap indicated that CRV was trading closer to its daily low of $0.3895 than its 24-hour peak of $0.4172. This was after the altcoin suffered a 4.45% loss throughout the past day of trading. As a result, CRV’s price stood at $0.3937 at press time.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

Image
Stacks (STX) soars 8.74% in 24 hours, hitting a 52-week high at $2.06, riding the crypto wave. STX’s rise is attributed to Bitcoin optimism and its role as a layer 2 solution. Technical analysis points to a bullish trend, aiming for $2.6, but watch out for potential corrections at $1.6. Stacks (STX) has continued its upward trajectory, with its price recently reaching a 52-week high of $2.06, marking an 8.74% increase in just 24 hours. This surge is part of a broader trend that has seen the cryptocurrency gain 749% over the past year. Market analysts attribute this impressive performance partly to the growing optimism surrounding the potential approval of a spot Bitcoin ETF, which could further galvanize the cryptocurrency sector. STX/USD 24-hour price chart (source: CoinStats ) During the bull rally, STX’s market capitalization and 24-hour trading volume surged 9.45% and 24.95%, to $2,852,664,529 and $715,025,179, respectively.  Stacks as a Bitc
Read more

XAI tanks by 20% after airdrop and Binance listing

Image
The layer-3 gaming token fell by more than 20% after an airdrop and Binance listing on Jan. 9. According to CoinGecko, the layer-3 gaming token Xai has fallen by more than 22% in 24 hour trading. The current price of the token is $0.5231. X rate fell sharply just a day after reaching an all-time high on Jan. 9, in which the price of the coin was $0.7734. Source: CoinGecko The token price collapse occurred shortly after Xai held its first major gaming token airdrop in 2024. According to the Xai Foundation, it offered 125 million XAI tokens (or 5% of the total token supply) to eligible users, including holders of certain Xai NFTs and those operating gatekeeper nodes or validators that help support the network. Dear Xai Community, As we approach the XAI token claim, it's crucial to stay vigilant against potential scams. Please carefully read and follow these guidelines: Official Contract CLAIM Address: The ONLY legitimate $XAI airdrop claim contract address is… — XAI (@X
Read more

Bitcoin Price Prediction: MicroStrategy Boosts BTC Ownership To 1% Of Supply As This Eco-Friendly Alternative Soars Towards $7 Million

Image
The Bitcoin price gained slightly in the last 24 hours to trade at $63,857.08 as of 9:05 a.m. EST as investors tentatively accumulate the crypto. During BTC’s 12% correction over the past 7 days, MicroStrategy bought another 9,245 bitcoins for $623 million in cash between Mar. 11 and Mar. 18, according to a Mar. 19 statement . Following this latest purchase, the company’s total BTC holdings stand at 214,246 BTC, which is more than 1% of the crypto’s total supply of 21 million coins. The Bitcoin Price Bounces Off Of A Key Support 4-hour chart for BTC/USDT (Source: TradingView ) The Bitcoin price rebounded off of the $61,481.65 support level in the last 12 hours. Should bulls continue to push the market leader’s price higher, it may attempt to reclaim a position above $65,847.29 in the coming 48 hours. A 4-hour candle close higher than this significant price point could then give BTC the foundation needed to keep climbing. In this more bullish scenario, the crypto may try to fli
Read more