The price dropped to the support at USD 2.69 but rapidly rejected the bearish intention. Although there could be a little more volatility to the downside, it would not be of concern if support remains at USD 2.69.
Bitcoin has driven the entire market to the downside, but the CRV token is among those suffering the most. However, it has been rejecting low prices, which might suggest a change in the trend of the crypto asset.
CRV is trading at around USD 3.51 and has accumulated a 1.5% profit in the last hour. Its market capitalization is above USD 203 million, which places it in the 90th position of the cryptocurrency ranking, according to CoinGecko.
While the prices of the cryptocurrency market were dropping, that protocol was quite active, proving its usability in times of uncertainty. Since December 2nd, investors have traded more than USD 2.6 billion worth of CRV.
Technical Analysis of the Price of the CRV Token
The daily graph of the CRV token shows that the price quickly dropped to the support at USD 2.69. However, it rapidly rejected the bearish intention.
CRV has strongly recovered from the drop, but there is still no bullish determination indicating that the price will rise in the upcoming hours/days.
At the moment, there might be sales in the short term, but the zone close to USD 3 may prevent the fall. That would open the way to a resumption of the higher trend. A good confirmation that things will be like that is to wait until the price crosses the descending line that it had marked.
Weekly Chart of the CRV Token
Some weeks ago, the bullish rally stopped when the price found resistance at USD 5.78. The CRV token recently created a clear double cap, indicating a possible trend reversal.
However, when attempting to confirm the validity of that figure, the bears did not show much determination. They rejected low prices, talking about the possibility of the drop having hit bottom.
The price of CRV recently found support at USD 3.16, which might be the starting point in its search for new annual highs.
If its price crosses that support, there could be a little more volatility to the downside. However, it would not be anything to worry about as long as support remains at USD 2.69.
The Current Situation of Bitcoin and Ethereum
The market capitalization of ETH is currently about USD 477 billion, equivalent to 52% of that of BTC (USD 915 billion). However, it will still be a matter of time before Ethereum maximalists see it exceed Bitcoin.
Both crypto assets are undergoing a crash, which some experts see as a possible start of a new bullish trend. The same has happened several times when the cryptocurrency market has resumed and exceeded its previous levels.
Bitcoin is trading at around USD 48,434, and Ether is worth USD 4,034. Their trading volumes are above USD 31.3 and USD 27.9, respectively, according to CoinGecko.
By Alexander Salazar
