The daily chart of CRV/USDT shows that the asset has been in a downward trend for a long time, which was accompanied by the formation of a "descending wedge" figure (blue lines). This figure usually indicates a possible trend reversal. In this case, we are seeing a breakout of the upper boundary of the wedge, which may signal the beginning of an upward movement.
Supports:
0.2642 USDT is a level where the price has bounced back several times.
0.2498 USDT is an important support level, which coincides with the lower border of the Ichimoku cloud.
Resistances:
0.3066 USDT is the nearest resistance that the price may encounter on its way up.
0.3639 USDT and 0.5048 USDT are more significant levels where profit may be taken if the upward movement continues.
Indicator:
Parabolic SAR (blue dots) - shows that a trend reversal is possible.
Ichimoku Cloud - the price has started to break through the cloud, which may indicate a change in the bearish trend to a bullish one.
Moving Averages (MA) â the price has consolidated above the short-term MA(7), which adds confidence in the growth potential.
The current technical picture suggests that CRV price may rise in the near future. A breakout of the descending wedge and consolidation above resistance could be strong catalysts for an upward move.
đ Potential growth target: up to 0.7272 USDT upon breaking through the nearest resistance levels.
However, it is worth considering the risks: if the price falls below the level of 0.2498 USDT, this may signal a continuation of the downward trend.
