- CRV has surged by 7.33% over the past 24 hours.
- Curve Dao defies markets odds amidst increased accumulation.
While Bitcoin [BTC] and other altcoins have experienced some downturns, Curve DAO [CRV] is shaping its own path.
After hitting a low of $0.687, Curve Dao has gained on its price charts for three consecutive days.
Over the past few days, the altcoin has managed to hit a high of $0.93. At the time of writing, Curve Dao was trading at $0.836. This marked a 7.33% increase in 24 hours. Prior to these gains, CRV was on a downward trajectory, declining by 22.94% on weekly charts.
With the trend reversal seem inevitable, the question that arises is whether CRV can continue to defy the bearish trend experienced within the crypto markets and continue with the uptrend.
What CRV charts indicate
According to AMBCrypto’s analysis, Curve Dao is building an upward momentum amidst increased accumulation from retail traders and whales.
Source: Santiment
For starters, we can see this increased accumulation among large holders with the increase in the supply held by whales, from 1.44 billion to 1.48 billion.
Thus, whales have bought 400 million tokens over the past weeks. When whales turn to accumulation, it shows their confidence in the market and anticipates prices to gain in the near future.
Source: Coinglass
Additionally, Curve’s Spot netflow has remained negative over the past week signaling investors are actively accumulating CRV. A negative spot netflow implies that most traders are withdrawing their assets off exchanges to private wallets or cold storage.
This often signals accumulation and a long-term bullish outlook. When traders withdraw assets off exchanges it reduces supply for immediate supply.
Source: Tradingview
This bullish outlook is further evidenced by CRV’s bullish crossover on its Stoch RSI. The crossover indicates that recent prices are closing closer to highs indicating increasing bullish momentum.
This further signals a potential reversal from the downtrend to the upside.
Source: Santiment
Finally, CRV’s MVRV score ratio signals the asset is currently undervalued. With a negative value of -3.07, it signals a short-term bearish sentiment. While bearish, undervaluation provides a buying opportunity as investors buy the dip.
Is your portfolio green? Check out the CRV Profit Calculator
Will the uptrend continue?
Simply put, Curve Dao is currently bucking the bearish trend because of increased accumulation as buyers enter the market to buy the dip. With both retail traders and whales showing optimism, seems CRV is set for a trend reversal and the uptrend could continue.
If these conditions prevail, CRV could see more gains on its price charts and reclaim the $1.1 resistance level. However, if the bears outweigh the bulls again, CRV risks a dip to $0.69.
