Curve DAO Witnesses a 24% Surge in One Week: Can CRV Achieve $1.16?
Following a dip to $0.68 seven days ago, Curve DAO [CRV] has sustained a significant upward trend.
During this timeframe, CRV has surged by 24.79% to surpass the $1 threshold. Within the last 24 hours, the token peaked at $1.08 before experiencing a minor retracement.
Presently, as of the latest update, Curve DAO is exchanging hands at $0.97, reflecting an 8.03% gain on daily charts. Concurrently, its trading volume has surged by 21% to $386 million in the same time span.
The prevailing market conditions have sparked discussions on whether CRV is poised for a lasting recovery or if recent price fluctuations are merely corrective.
Is CRV Geared Up for a Prolonged Uptick?
As per the analysis by CryptoCrypto, Curve DAO has witnessed a surge in positive market sentiment as selling pressure wanes.
One notable observation is the dwindling exchange flow balance of Curve DAO over the past week, resulting in a negative value of -417.6. This trend suggests that investors are transferring their CRV tokens off exchanges.
Notably, the outflow of tokens from exchanges is surpassing the inflow, indicative of investors moving their assets to private wallets.
This trend is especially prominent among large holders. According to IntoTheBlock, the ratio of Large Holders Netflow to Exchange Netflow has plummeted from 1.38% to -0.32%.
When this ratio dips into negative territory, it implies that whales are in an accumulation phase, typically seen as a bullish indication.
Moreover, the movement of CRV tokens by major holders off exchanges reflects their faith in the market, signaling a reluctance to sell in the near term.
Furthermore, Binance is observing robust demand for long positions in Curve DAO, as evidenced by the sustained positive Binance Funding rate in recent days.
Hence, the strength of long positions is bolstering the Spot market, with traders willing to pay fees to maintain their positions during market downturns.
Lastly, on shorter timeframes, investors in CRV are exhibiting bullish behavior by taking long positions. Coinglass data reveals that long positions dominate the market on a 4-hour scale, accounting for 52% of total positions.
When long positions prevail, it indicates investor optimism regarding price appreciation.
In essence, Curve DAO is currently showing signs of a probable recovery, with a strong upward momentum potentially leading CRV to reclaim $1.12.
If this level is breached to the upside, the subsequent target will be $1.16. Conversely, if sellers regain control, CRV might retreat to $0.87.