Curve DAO Up 14.22% – Time To Buy CRV Coin?
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As the crypto market continues to rebound, stablecoin-centred protocol Curve Finance is showing a significant uptrend, and investors are rushing to buy CRV.
Many alternative currencies (altcoins) have been surging in value in the last couple of days, and Curve Decentralised Autonomous Organisation (DAO) token has also enjoyed massive gains in the market.
Curve DAO Market Position
At press time, Curve DAO is trading at $5.294, up 14.22% in the last 24 hours. This strong upward trend is further seen in the weekly marginal gains of 9.17% that the ERC-20 token has recorded in the last seven days and is up 17.28% in the last month.
The digital asset enjoys a market dominance of 0.09% of the $2.64 trillion global crypto market. The market cap of CRV stands at over $2.29 billion. Curve DAO token has recorded a 24-hour trading volume of over $578 million, up 48.06%.
The governance token previously attained an impressive all-time high of $54.01 on August 14, 2020. Although the digital asset has a long way to go before it can surpass this mark, today’s rally shows that the altcoin has huge potential for future investment.
CRV Technical and Fundamental Analysis
CRV is showing an impressive run of form and is trading above the 20-day moving average (MA) support price of $4.53. The 200-day MA support price of $2.61 further corroborates that the finance token is on a bullish run.
The Relative Strength Index (RSI) of the DAO stands at 60.61, indicating that the digital asset is currently trading in the under-bought region.
The moving average convergence divergence (MACD) shows the blue indicator trend line is soaring above the orange indicator line, pointing to a buy signal.
On fundamentals, the centralised Bitcoin exchange platform, BitFinex on November 29 announced that it had added support for CRV.
Also, 1inch and Paraswap have now been integrated on the CRV Finance network. Even without any incentive listed on the pool yet, it has witnessed an impressive 50-60% utilisation, and the asset contains some improvements in the code that allows users to re-peg faster.
Curve DAO has seen 3CRV fees go up in recent weeks due to the increased demands for stablecoins in the market. This sharp demand for stablecoins is likely to influence the price of Curve and help it soar even more because of its important use in pegging different stablecoin classes.
Recently an enormous $616,000 in US Dollars Coin (USDC) was swapped for CRV on Uniiswap. This development further bolsters the expanding large-scale adoption of Curve DAO token in the market.
In another new development, a recently-established lending platform, LendFlare, announced its partnership with CRV. According to the finance company, CRV tokens can now be used as a collateral asset on its platform to borrow from CompoundFinance.
Although this project is still in the developmental phase, the company stated that it is just about to finish the alpha test and that the source code has already been submitted to make sure everything runs smoothly.
Analysts expect the price of Curve DAO token to keep soaring in the coming days, especially because of the innovations that are being added to the network.
Curve DAO is a stablecoin-centred Decentralized Exchange (DEX) that allows the digital asset to play a pivotal role in Decentralized Finance (DeFi). This period presents investors with the best opportunity to buy CRV.
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