Curve DAO (CRV) Price Prediction: Cup and Handle Pattern Promises a 127% Spike to $1.2

This pattern formed on the 1-day chart suggests the altcoin's price could extend a 127% rally to $1.2

The price of Curve DAO (CRV) is showing signs of heating up as it forms a bullish cup and handle pattern on the 1-day chart.

This pattern suggests that the altcoin’s price could extend a 127% rally to $1.2210 if buyers manage to push through the cup’s neckline at $0.7811.

At press time, CRV trades at $0.7811 and is up 4.72% in the past 24 hours. The market cap of CRV hovers around $1.06 billion, making it the 76th largest cryptocurrency.

At a glance:

What happened: The price of CRV is showing signs of heating up as it completes the formation of a cup with handle pattern, a market setup that often comes before a major price breakout.

The pattern formed on the 1-day chart suggests that the altcoin’s price could extend a 127% rally to a multi-month high at $1.2210 if buyers manage to push through the cup’s neckline at $0.7811.

This pattern, which is highlighted in yellow, appears as a rounded bottom called the ‘Cup’ that is followed by a minor consolidation called the ‘Handle’.

The mentioned target of $1.2210 is calculated by adding the 55% depth of the cup to the price of the cup’s neckline at $0.7811. The continuation of the bullish pattern and the potential breakout is also supported by an uptick in volume and momentum.

The price of CRV is now trading above the 200-day moving average, which is often a good indication of strength when used in conjunction with the cup and handle formation. The 50-day MA is also rising towards the price and has switched color to green, indicating growing bullish momentum.

The implication: If the price of CRV manages to break out above the cup’s neckline at $0.7811, this could continue to heat up the price and propel it towards the mentioned target of $1.2210.

A breakout from this pattern is also supported by rising volume and momentum, which is indicated by the MACD indicator moving above its signal line and the RSI indicator moving into overbought territory.

The volume of CRV’s futures contracts has also seen an 18% uptick, while the open interest in futures contracts has risen by 5% in the past 24 hours, according to on-chain data from Tokenview.

This growth suggests that there’s still strong market interest in CRV, which could support the continuation of the bullish outlook for a potential 127% rally.

The bottom line: The price of CRV is heating up as it forms a cup and handle pattern, which suggests that it could extend a 127% rally to $1.2210 if buyers manage to push through the cup’s neckline at $0.7811.

This pattern is supported by an uptick in volume and momentum, and the MACD indicator is moving above its signal line, while the RSI indicator is moving into overbought territory.

The volume of CRV’s futures contracts has also seen an 18% uptick, and the open interest in futures contracts has risen by 5% in the past 24 hours, according to on-chain data from Tokenview.

This growth suggests that there’s still strong market interest in CRV, which could support the continuation of the bullish outlook for a potential 127% rally.

The post Curve DAO Price May Extend 127% Rally to $1.2210 High if Buyers Push Through This Point appeared first on Web3Wire.

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