- CRV Token price is currently observing an uptrend as evidenced by the macro support trend line
- The press time price of CRV/USDT is $2.08 established on the back of a 4.92% decline in the past 24 hours
- Despite the minor retracement, the CRV token shows stability over the support of the Golden Cross
CRV Token Price Trend is cruising in the right direction
CRV/USDT on TradingView
Despite the minor retracements that dragged along the price of the CRV token, the price structure remained afloat on the daily chart. While the current trend of the altcoin continues to strike under the chambers of the macro support trend line, the token price has retraced by an overall 19% since the bulls attempted to target the resistance of $2.55.
The 19% drop in price was safeguarded by the support of the critical Exponential Moving Averages. Regardless of the extensive selloff, the institutional buyers are confidently pumping the price as soon as it touches the macro support trend line. This proves that the current price trend of the CRV token is heading in the right direction.
To keep the uptrend ongoing, the price must bounce off from the trend line and break above the resistance of $2.13. This will provide confidence to the bulls, who will further aim to flip this level and reclaim it as a reliable support cushion.
This occurrence of this scenario marks as the first leg of a good long position, followed by a breakout of very critical resistance. Breach of this particular level will enable the bulls to aim for the swing high of $2.74.
CRV Token price sandwiched between the 100 & 200 EMA on the 4-hour chart
A brief inspection of the CRV price chart on the 4-hour time frame gives us a better idea as to what the current price action of the CRV token is up to. In addition to being submerged inside the ascending broadening wedge pattern, the 4-hour price structure is also sandwiched between the 100 and 200 EMA.
Barring an overextended sell-off, the token must steer clear of the impending bearish crossover between the 20 and the 100 EMA. The decreasing bar at the MACD histogram and the retracing RSI is displaying exhaustion amongst the sellers.
This increases the odds of a bounce off from the trend line, followed by the contradiction of the upcoming bearish crossover.