When investors shifted their focus to decentralized finance (DeFi) platforms the day before, the Curve DAO Token price hit its highest level in more than a month. On Tuesday, the CRV token hit a high of $1.3926, its highest level since June 1. News about investors shifting to prime DeFi tokens like CRV has increased the adoption of Curve DAO tokens and increased their price.
Curve Dao Token Price Review
CRV is currently trading at $1.28 with a 24-hour trading volume of $320 million. Curve DAO Token is up 3.26% in the last 24 hours as it pumps over 40% in the last 7 days. With a live market cap of $685 million, CoinMarketCap currently ranks 66th. There are 537,372,111 CRV coins in circulation, with a maximum supply of 3,303,030,299 CRV coins. Curve DAO price closed at $1.2648 after hitting a high of $1.3771 and a low of $1.2614.
The price of coins seems to have started an uptrend after a slight downtrend last week. The current price of Curve DAO has seen a daily positive change of 8.08% and is rising by a margin of 0.0950 today. Additionally, the recent positive momentum in the Defi token market following the announcement of the release of the Ethereum blockchain transition date pushed CRV/USD prices significantly higher on Tuesday.
Curve Dao, with a total value of $7.105 billion, is one of the leading smart contract platforms. It has a close relationship with the second largest cryptocurrency, ETH. With the increase in the value of ETH, the price momentum of CRV/USD has also increased this week.
Merge – Ethereum Blockchain Transition Date Released September 19
The Ethereum Foundation’s Tim Beiko predicted that the merger – Ethereum’s long-awaited move to a new design – would take place the week of September 19. With the merger, Ethereum will move from the proof-of-work (PoW) consensus to the energy-intensive process pioneered by Bitcoin to a more efficient proof-of-stake (PoS) system.
In addition to reducing network power consumption by 99.95%, some proponents of proof-of-stake claim that switching techniques will improve security and scalability.
Weakening US Dollar continues to support CRV/USD
Apart from that, the US Dollar Index, which measures the value of the greenback against a basket of six major currencies, fell on Tuesday, pushing CRV/USD prices higher. The U.S. dollar, which surged last week on global economic uncertainty and interest rate hikes by central banks around the world, was under pressure on Tuesday. CRV/USD remained strong for the day as DXY fell below 106.59. Meanwhile, there have been no significant updates to the Curve DAO protocol in recent months.
On the other hand, the rise in the price of the underlying token is linked to market and trend variables such as a change in investor sentiment in favor of less risky solutions such as providing liquidity and coin staking. stable. The project is moving around a lot as it keeps people updated on new funds, Curve Wars, and the creation of new pools. The launch of The Citadel DAO was one of the most recent news that boosted the value of the coin.
CRV/USD daily technical levels
Pivot point: 1.2697
Curve DAO Token Technical Outlook
Despite the strong positive trend of the CRV coin, the CRV/USD pair is trading slightly bearish throughout the European session. CRV/USD failed to break above the significant resistance level of $1.3870. The CRV/USD the currency established an ascending channel within the 4-hour time frame, supporting the CRV buy trend. This uptrend should support the CRV/USD coin near $1.1944.
Immediate support for CRV/USD is at $1.1944, which is extended by the triple top pattern breached on July 18; it acts as a support. If CRV/USD price breaks below this level, it will be vulnerable to the $1.1000 and $1.011 support levels. On the upside, the Curve Dao token may face immediate resistance near 1.3480. An upside break of the 1.3480 barrier could push CRV prices to $1.4635 and $1.5865. Good luck!
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