After hitting a local low of $0.68 a week ago, Curve DAO [CRV] has maintained a strong upward momentum.

During this period, CRV increased by 24.79%, returning to the $1 level. In the past day, this altcoin reached a high of $1.08. Currently, its surge has experienced a slight pullback.

In fact, at the time of writing, the trading price of Curve DAO is $0.97. This marks an 8.03% increase on the daily chart. Similarly, its trading volume grew by 21% during the same period, reaching $386 million.

The current market conditions raise questions: Is CRV on the verge of a sustained recovery, or are the recent price movements merely a market adjustment?

What does the CRV chart indicate?

Curve DAO is gaining upward momentum due to continuous accumulation by retail traders and whales.

First, we can see that as the supply held by whales increased from 1.44 billion to 1.48 billion, the accumulation by large holders also increased.

Thus, whales have purchased 400 million tokens in the past few weeks. When whales begin to accumulate, it indicates their confidence in the market and an expectation that prices will rise in the near future.

Additionally, Curve's spot net flow has been negative over the past week, indicating that investors are actively accumulating CRV. Negative spot net flow means that most traders are transferring assets from exchanges to private wallets or cold storage.

This typically indicates accumulation and a long-term bullish outlook. When traders withdraw assets from exchanges, it reduces the immediate supply.

The bullish crossover in the Stoch RSI for CRV further confirms this bullish outlook. The crossover indicates that recent prices are approaching a peak, suggesting that bullish momentum is strengthening.

This further suggests that the downtrend may reverse into an uptrend.

Finally, CRV's MVRV score ratio indicates that this asset is currently undervalued. The negative value of -3.07 suggests short-term bearish sentiment. While bearish, being undervalued provides buying opportunities for investors.

Is CRV ready for a sustained upward trend?

With the downward pressure easing, Curve DAO has experienced strong positive sentiment.

First, the balance of Curve DAO's exchange flow has fallen to a negative value of -417.6 over the past week. This indicates that investors are moving their CRV tokens off exchanges.

As a result, outflows from exchanges exceed inflows, with investors transferring assets to private wallets.

This outflow of funds is more pronounced among whales. The net flow of current large holders compared to the net flow of exchanges has dropped from 1.38% to -0.32%.

When this number falls to negative, it means that whales are in the accumulation phase, which is typically a bullish signal.

Importantly, large holders are moving their CRV tokens off exchanges, reflecting their confidence in the market, and they are unlikely to sell soon.

Moreover, there is strong demand for bullish positions on Curve DAO on Binance. Therefore, the Binance financing rate has remained positive over the past five days.

Thus, the bullish positions are sufficient to support the spot market. Therefore, bullish position traders are willing to pay fees and hold trades during market downturns.

In the short term, CRV investors are bullish and going long. In the 4-hour timeframe, bulls dominate the market, accounting for 52% of the total.

When bulls dominate, an upward trend is expected!

In short, Curve DAO is currently signaling potential recovery, and strong upward momentum is building. If these bulls can hold the market, CRV will reclaim $1.12.

If it breaks this level, the next target is $1.16. Subsequently, if sellers reclaim the market, CRV could drop to $0.87.

In the past week, CRV has increased by 24.79%.

With strong bullish sentiment, Curve DAO is poised for profitability.