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Traders Urged to Be On The Lookout For Possible CRV Breakouts

Cryptocurrency Oct 06, 2022 05:00AM ET
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Traders Urged to Be On The Lookout For Possible CRV Breakouts
 
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  • Traders are urged to watch out for any breakouts when it comes to CRV.
  • CRV has successfully challenged the middle of the channel and it will likely head toward the first target.
  • CRV is currently trading at $0.9142 after a 0.47% increase in price.

The crypto and market education platform, IncomeSharks, took to Twitter earlier today to speculate on what the price of Curve DAO Token (CRV) will do over the next few days and what traders should look out for.

CRV / USDT 4h (Source: TradingView)

In an earlier Twitter post, IncomeSharks urged traders to “play the channels” and to watch out for any breakouts when it comes to CRV. The price of CRV also bounced twice off of a major support level, which is a testament to the level’s strength. Traders should thus prepare for a potential breakout above the middle resistance of the price channel shown in the chart above.

Now that the price of CRV has successfully challenged the middle of the channel, it is likely to head toward the first target. Should this happen, IncomeSharks will reevaluate the situation as to whether or not traders should hold for the second target or take profits.

CRV / Tether US 1D (Source: CoinMarketCap)

According to the crypto market tracking website CionMarketCap, CRV is currently trading at $0.9142 after a 0.47% increase in price over the last 24 hours, and after reaching a high of $0.9331 over the same time period. Despite the crypto being up for the day so far, CRV is still more than 1% in the red over the last week.

CRV is currently the 72nd biggest crypto in terms of market capitalization with its market cap of $484,434,008, which places it right behind Nexo (NEXO) and in front of Lido DAO (LDO). The crypto’s 24 hour trading volume saw a huge increase of more than 50% to now stand at $72,616,676.

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.

The post Traders Urged to Be On The Lookout For Possible CRV Breakouts appeared first on Coin Edition.

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Traders Urged to Be On The Lookout For Possible CRV Breakouts
 

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