Curve DAO Price up by 6.69% – Time to Buy CRV Coin?
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The Curve Finance governance token has been on an uptrend in the past 24 hours, giving investors more reasons to buy CRV.
The stablecoin-centred crypto seems to be adjusting for a potential price increase as the protocol locks up some of its circulating supply to widen its liquidity pools.
We delve into the crypto asset’s technical and fundamental performances to know if it is a good time to buy CRV.
CRV: Rallying Above The Bears
CRV is blazing in the crypto market, currently trading at the price peg of $3.97 and up 6.69% in the last 24 hours.
The asset presently dominates 0.27% of the global market and has a live market capitalisation of $1.6 billion, a 7.53% increase in the last 24 hours. The token has a 24-hour trading volume of $445 million and is also up by a whopping 63.09% in the past day.
The asset has made a 109% increase in the past six months and is taking gradual and steady steps to realise a new support price and gearing for a new ATH. The ERC-20 token was trading at $1.7 on February 28 and rallied up to a record value of $4.02 on April 15.
However, the CRV token descended to $1.2 on May 24 and sustained the price between May and July.
But the asset moved up the price ladder to $3.12 on September 16 and continued to climb until it arrived at its current price of $3.97.
The Ethereum token attained a high above the $50 range in August of 2020. The strong growth potentials of the asset accrue significant profits for investors who buy CRV now.
Curve DAO: Technical and Fundamental Analysis
CRV is currently on a bearish move, trading below its 20-day moving average (MA) support price of $4.2.
Curve DAO showcases good investment potential as its long-term technical indicators suggest a bullish run for the token with the 200-day MA support price at $2.52 at press time.
CRV’s Relative Strength Index (RSI) indicates the digital token is trading in the underbought region with a figure of 49. The moving average convergence and divergence (MACD) trend line depict a sell signal presenting an opportunity for potential investors to buy CRV.
The assets’ fundamental factors are at play point to the buying potential of the crypto protocol. The Ethereum-based token is seen as a top performer in the global crypto market.
Before its launch in 2020, five percent of the 1.3 billion CRV token supply was distributed to liquidity providers with a one-year vesting period.
Curve Finance has successfully locked up 6.7% of its circulating supply and plans to keep more of its token supply for over 3 years. This decision will lead to a potential supply squeeze, which will increase the price of CRV with market demand for the stablecoin-centred token.
The asset has also seen more progress due to the yield optimisation platform Convex Finance, which rewards CRV liquidity providers.
Convex Finance encourages the digital token holders to deposit their digital assets in Convex to enable the platform stake CRV in Curve Finance. Depositors are rewarded with voting power to boost CRV rewards in the liquidity pools, thereby boosting the number of CRV.
With decentralised finance (DeFi) now gaining mainstream adoption, Curve Finance is expected to be a major liquidity hub for many. This makes this an ideal opportunity to buy CRV for a bargain.
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