A strong fall in the cryptocurrency market has not spared one of the popular DeFi projects Curve finance. Having dropped by 76%, the CRV price practically tested the important liquidity range of $0.85-1. It was this range that stopped the new growth impulse on 20 November. And after breaking the liquid zone of $0.85-1 upwards in January 2021, buyers managed to quickly set a new all-time high at $4.65. Looking through the charts of cryptocurrencies after 19 May, it is quite difficult to find any differences. However, they are. The panic fall of the CRV price on 19 May allowed sellers to take control of another important range of $1.65-1.8. If we look at the daily timeframe, we can see that buyers also had problems in this range.
Control of the range of $1.65-1.8 and a test of the mark of $2.8
Only with the help of high volumes and confident consolidation above the range of $1.65-1.8 did the buyers manage to continue the growth wave on 1 March. At the moment, with difficulty and low volumes, buyers are trying to fix above this range. This fact should provide buyers with more confidence and attract new investors to the CRV market. The probable continuation of the growth of the CRVUSDT price to the level of $2.8. This mark was the last local support for buyers from 5-19 May. It was the breaking of this mark downward that provoked an avalanche of stop orders of buyers, and formed a powerful wave of decline in the CRV market.
For a long-term position it is worth waiting for the CRV below
However, it is worth paying close attention to the strength of buyers in the range of $1.65-1.8. The volumes, which buyers are trying to conquer the heart of the CRV market for the second time, will only be enough for a small correction of the previous fall wave. This is also hinted at by the CRVBTC price chart:
Having started a joint wave of decline with Bitcoin, the CRV market can renew its previous low and still test the range of $0.85-1. In this case, for investors who are now expecting pleasant prices, this situation will play into their hands.
Given the maximum passivity of the cryptocurrency market, we would refrain from positions at such a time. Waiting is also a position, and in this case, the best.