In the aftermath of the $CRV liquidation crisis, six whales have accumulated 55.26 million $CRV tokens, valued at approximately $19.4 million. This significant activity has sparked interest in the crypto market. Notably, five of these six whales are first-time accumulators of $CRV, contributing to a noticeable surge in first-time purchases over the past week. This trend reflects growing confidence among new investors in the potential recovery and long-term value of $CRV.
Six whales have accumulated 55.26M $CRV (~$19.4M) during the dip post- $CRV liquidation crisis!• 5 of the 6 whales are first-time accumulators. This is reflected in the surge in first-time purchases of $CRV in the past week.• The $CRV price is up ~14% (24H), almost back to… pic.twitter.com/DbBTipytcF
— Spot On Chain (@spotonchain) June 19, 2024
The price of $CRV has seen a substantial recovery, rising by approximately 14% in the past 24 hours. This increase brings the token’s value almost back to its pre-liquidation crisis levels, signaling a positive turnaround in market sentiment.
CRV Price Review: How are Things Looking Today?
Analysing CRV price charts, we see that the chart highlights a rising wedge pattern, a bearish reversal pattern typically indicating a potential downward breakout. This pattern often precedes a bearish breakout. The price is nearing the apex of the wedge, suggesting an imminent breakout.
4-hour CRV/USDT Chart | Source: TradingView
On the other hand, the Money Flow Index (MFI) is currently at 49.83, indicating that the asset is neither overbought nor oversold. An MFI value rising above 50 would typically support a bullish scenario, but in the context of a rising wedge, it might signal overextended buying.