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Let’s analyze CRV, one of the older and more popular coins in the DeFi space, previously a staple in many crypto whales' wallets.
🌟 Bitcoin Overview
Before diving into CRV, let’s take a quick look at Bitcoin. It recently hit a new ATH but faced a heavy rejection on the 1-hour timeframe, triggering significant selling pressure in the market.
Remember, these kinds of candles are typical during bull runs. They may appear bearish on higher timeframes, but they often induce FOMO and panic selling, leading to potential buying opportunities.
📅 Weekly Timeframe Analysis
After losing its critical support at 0.4107, CRV dropped to 0.2219. Following a decrease in selling pressure, the coin consolidated for several weeks in a box range.
With renewed whale interest, significant buying volume pushed the price up by 350%, breaking the box and daily resistance. The rally was capped at 1.2060, where CRV has been trading below for the past two weeks.
If you entered the market after the box breakout, you should already have a reasonable profit. You can either take partial profits or withdraw your initial investment, holding the remaining position as "free tokens."
If you missed the rally, it’s currently not an ideal entry point due to the large stop loss required. Wait for either a time-based correction (range-bound movement) or a price correction to 0.8065, which serves as the next major support level.
🌞 Daily Timeframe
On the daily chart, CRV moved upward after breaking out of the 0.2219 – 0.3169 range and is now trading below the 1.251 resistance.
Support: 1.0522 (lower timeframe), 0.7985, and 0.6217 for potential price corrections.
Resistance: A break above 1.251 could lead to higher price targets, with the first at 1.9109.
breakout above 1.2510 may provide a momentum-based entry, but it’s riskier than the earlier entry at 0.3169. Wait for confirmation, such as volume increase and RSI movement, before entering.
⏰ 4-Hour Timeframe
On the 4-hour chart, CRV has tested the 1.2693 resistance twice. This level could act as a key trigger for future positions.
📈 Long Position Trigger
Open a long position after breaking 1.2693, with confirmation through increased volume and RSI entering the overbought zone. This is a weekly resistance, so a fake breakout is likely if volume is low.
📉 Short Position Trigger
No short positions are being considered for now, as they go against the current trend. Instead, focus on finding setups in other coins or monitoring CRV for better opportunities.
💡 BTC Pair Insight
Against Bitcoin, CRV has been in a prolonged downtrend but recently started to recover after breaking 0.00000528. However, the real bullish movement will begin only after breaking 0.00001223, forming higher lows, and continuing its upward trend.
Avoid FOMO. If you miss CRV, there are plenty of other opportunities in the market.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice