Curve DAO Token CRV Drops 32% in Two Weeks

Curve DAO's token, CRV, has experienced a significant decline, with its price dropping by 32% over the past two weeks. The token is currently trading below $0.70, and analysts predict that the $0.42–$0.50 zone could be crucial in determining its recovery. The bearish structure and lack of demand have led to a likely drop to $0.42. Despite Bitcoin's recent gains, CRV has been unable to match its performance, indicating the strength of the bears. The token's price has been trending downward for the past month, with heavy selling continuing unabated.

The rally in November and December was strong, but the weekly chart revealed that the rejection came at the exact weekly top from early 2023. This hinted at a 30-month consolidation phase for Curve DAO. The altseason in November failed to set up an uptrend on the weekly timeframe. The consolidation, or range formation, extended from $0.23 to $1.20. Over the past two months, CRV has tested the $0.82 resistance but has been unable to stay above the mid-range level at $0.72. This failure indicated the potential for a deep retracement, which could fall to $0.38 or even as low as $0.23.

On the daily timeframe, Curve DAO (CRV) shows a bearish market structure. Earlier in June, the price tested the $0.70 level, acting as a supply zone, but was firmly rejected. Since then, CRV has declined by 32%. The Chaikin Money Flow (CMF) has remained below +0.05 since the November rally, indicating persistent selling pressure. Similarly, the On-Balance Volume (OBV) reflects a shift in control to sellers, following a brief surge in demand during late March and early April. A bullish order block between $0.42 and $0.50 may act as a strong demand zone. Bulls are expected to defend this region, and traders should watch closely for signs of a trend reversal here. However, with moving averages continuing to indicate downward momentum, caution is advised. Entering long positions too early could be risky without confirmation of a reversal.