Having bottomed out at $0.68 just a week ago, Curve DAO [CRV] has managed to sustain a strong upward trend.
During this time frame, CRV has seen a notable increase of 24.79%, pushing it back above the $1 mark. The altcoin reached a peak of $1.08 within the last 24 hours before experiencing a minor pullback.
As of now, Curve DAO is trading at $0.97, reflecting an 8.03% daily gain. Moreover, its trading volume surged by 21% to reach $386 million during the same period.
The current market scenario raises speculations on whether CRV is poised for a consistent recovery or if the recent price adjustments are mere corrections.
Is CRV Poised for a Sustainable Upsurge?
According to the analysis by CryptoCrypto, Curve DAO has exhibited positive market sentiments as downward pressure diminishes.
One notable observation is the decrease in Curve DAO’s exchange flow balance over the past week, dipping to a negative value of -417.6. This indicates a movement of CRV tokens away from exchanges by investors.
This shift shows that outflow surpasses inflow, with investors opting to secure their assets in private wallets.
Notably, the outflow trend is more pronounced among whales. Large Holders Netflow to Exchange Netflow Ratio has decreased from 1.38% to -0.32%, suggesting an accumulation phase by whales, often seen as a bullish indicator.
With major holders transferring CRV tokens off exchanges, it reflects their confidence in the market and reluctance to sell in the near term.
Furthermore, there is a strong demand for long positions on Binance related to Curve DAO, as evidenced by the positive Binance Funding rate sustained over the previous five days.
Given this, long positions provide significant support for the Spot market, indicating that traders are willing to hold their positions during downturns by paying a fee.
On shorter timeframes, investors are predominantly bullish on CRV, favoring long positions. Coinglass data reveals that longs dominate the market with 52% of the total on a 4-hour basis.
When long positions prevail, it suggests an optimistic outlook where investors anticipate price appreciation.
In summary, Curve DAO currently displays signs of a potential recovery with a robust upward momentum. If the bullish trend persists, CRV is likely to surpass $1.12 and potentially target $1.16. Conversely, a market shift in favor of sellers could drive CRV down to $0.87.