CoreWeave Extends Slide With 15% Two-Day Plunge As Technicals Worsen

CoreWeave (CRWV) concluded the latest session at $123.02, marking a 6.95% decline and extending its losing streak to two consecutive days, with a cumulative 14% drop over this period.
Candlestick Theory
Recent price action shows a bearish continuation pattern, with the last two sessions forming long red candles closing near daily lows, confirming strong selling pressure. Key resistance now forms at $132.21 (July 17 high), while critical support emerges near $122.19 (July 18 low). A break below $122 could trigger accelerated downside toward the $116–$118 psychological zone.
Moving Average Theory
The 50-day MA ($138.20) crossed below the 100-day MA ($142.80) this week, signaling deteriorating medium-term momentum. Current price trades 12% below the 50-day MA and 14% below the 200-day MA ($143.50), confirming a bearish intermediate trend. All three MAs now slope downward, establishing layers of resistance at $132 (50-day), $138 (100-day), and $143 (200-day).
MACD & KDJ Indicators
MACD histogram shows increasing negative momentum, with the signal line maintaining a bearish crossover below zero. KDJ readings (K=18, D=22, J=10) indicate deeply oversold conditions, though persistent divergence suggests no immediate reversal catalyst. Both oscillators align in warning of continued downside pressure, with KDJ's J-line below 10 historically preceding short-term bounces that quickly faded.
Bollinger Bands
Volatility expanded sharply as price pierced the lower band ($127) during the recent sell-off, confirming bearish momentum. The bandwidth expanded 30% this week, exceeding historical norms and signaling panic selling. Any technical rebound would likely face resistance at the lower band ($127), now acting as dynamic resistance.
Volume-Price Relationship
Distribution patterns dominate, with the past two down days featuring volume 15% above the 30-day average, validating bearish conviction. Notable volume spikes occurred at June 20 peak ($183.58) and July 11 breakdown ($125.67), establishing these as key technical references. Declining volume on modest rebounds suggests lack of buyer commitment.
Relative Strength Index (RSI)
The 14-day RSI at 29 entered oversold territory but remains above late-June's extreme low of 18. This divergence may indicate waning downside momentum, though oversold conditions could persist. Historical precedents show RSI can remain below 30 for multiple sessions during strong downtrends, limiting its predictive power at current levels.
Fibonacci Retracement
Using the March 28 low ($40) to June 20 high ($183.58), key levels align with recent support zones: 38.2% retracement at $128.50 (recently breached) and the 50% level at $111.80 emerges as next probable downside target. Confluence exists near $112 where the 61.8% retracement converges with the June 16 swing low ($111.95), strengthening this support.
Confluence & Divergence Observations
Multiple indicators converge at $110–$112 support: the Fibonacci 61.8% level, volume-based pivot point (June 11 low), and psychological round number. However, bearish divergence exists between oversold oscillators (RSI/KDJ) and continued price deterioration. The 50/100-day MA death cross reinforces bearish momentum despite oversold readings, suggesting technical rebounds may be selling opportunities absent fundamental catalysts. Current price structure favors downside continuation toward $112–$115 territory, with recovery attempts capped by the $130–$132 resistance cluster.