Curve [CRV] tops weekly charts, but how long will this upside last
Curve DAO’s native token CRV joined the record of the largest gainers this week after rallying by virtually 40%. Zooming out on the token’s value chart reveals that its upside from its 2022 low is much more spectacular.
CRV’s 38% upside places it among the many greatest weekly gainers out of the highest 100 cryptocurrencies by market cap. It additionally occurs to be among the many greatest performing cryptocurrencies as of Wednesday (6 July) after a ten% achieve which pushed it as excessive as $0.99. This price ticket implies that it’s up by roughly 72% from $0.53, its lowest value degree in 2022.
The final time that CRV achieved a considerable bullish efficiency was in March earlier this yr. It achieved a 72% upside within the final three weeks, which is greater than the 66% rally it achieved from 14 March to three April.
Supply: TradingView
CRV’s newest upside was fueled by heavy accumulation as indicated by the Cash Movement Index (MFI). The rally was sturdy sufficient to beat any bearish friction on the Relative Power Index (RSI) midpoint. Moreover, the Superior Oscillator (AO) too, managed to flash tiny inexperienced bars above the zero line. At press time, CRV stood at $0.95.
Driving the bullish wave now
Whereas the MFI registered heavy accumulation, the whale transaction rely metric confirmed the return of the whales. The whale transaction metric registered an elevated exercise in transaction counts price greater than $100,000.
Supply: Santiment
The rise within the variety of whale transactions coincides with a pointy uptick within the provide held by prime addresses metric. The latter bottomed out at 78.24% on 28 June, after declining for the higher a part of the month. This displays the bearish efficiency of the token in June.
The provision held by prime addresses grew to 80.66% by 5 July. Moreover, this accumulation exercise coincides with wholesome community development noticed since 28 July. And this occurs to be the identical time that whales began accumulating.
Supply: Santiment
CRV in good spirits, however…
CRV’s on-chain metric verify that whales had a heavy hand in its newest rally. This may be an indication that the underside is in, and that the value motion is certain to attain extra upside. Nonetheless, traders ought to preserve a watch out for Wyckoff-style exercise available in the market. This implies any upside may be characterised by wild swings and doubtlessly decrease lows opposite to expectations.
