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CRV falls to the bridge zone $0.42–0.48: Is this the golden time to accumulate?
At the time of writing, Curve DAO (CRV) is still in a bearish trend on both the daily and weekly charts. In fact, CRV is maintaining a market structure in a downward direction.
The selling pressure on this token has yet to show signs of easing, and the current momentum is leaning towards the bearish side.
If there is no strong and sustainable demand, the current downtrend is very difficult to reverse. However, there is still a glimmer of hope.
The price zone of $0.45 (green) is the buy order block that appeared since the beginning of April. This is the demand area that could trigger a price reversal in the coming days.
Previously, the price reacted very strongly in an upward direction when it reached this area. Of course, Bitcoin's recovery at that time also contributed to the upward momentum of CRV.
If BTC continues to rise, the selling pressure on CRV may be alleviated. However, the current situation of Bitcoin is still quite fragile and it is unclear which direction the trend will take.
On-chain data is also showing potential buying opportunities
The weighted market sentiment index — measures investor sentiment based on social media interaction, currently tilting slightly towards the bearish side.
The bearish trend over the past month has also caused the MVRV ratio ( of market value to real value ) to continuously fall, currently sitting at -18% at the time of writing. This demonstrates that CRV holders have been at a loss over the past 3 months.
However, while the price is falling, the average coin age (MCA) tends to increase — a sign of accumulation across the network.
Although the MCA index has seen a slight fall in the past week, the overall trend is still increasing, meaning that many investors are accumulating. The increase in accumulation along with a high rate of holders at a loss is a sign that the price of CRV is at the bottom or very close to the bottom.
According to these indicators, investors can buy CRV at a low price. Meanwhile, the coin age consumption index shows some token transfer activity in recent days — a sign of selling action.
However, these numbers are not concerning and do not show signs of a large-scale surrender.
Minh Anh