{"id":194346,"date":"2023-09-29T11:38:56","date_gmt":"2023-09-29T11:38:56","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194346"},"modified":"2023-09-29T11:38:56","modified_gmt":"2023-09-29T11:38:56","slug":"crv-surges-15-whats-the-next-move-for-curve-dao-token","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/crv-surges-15-whats-the-next-move-for-curve-dao-token\/","title":{"rendered":"CRV Surges 15%: What's The Next Move For Curve DAO Token?"},"content":{"rendered":"
Curve Finance’s native token, CRV, has recently experienced a notable uptick in value, driven by a sudden surge in whale accumulation. As the decentralized finance (DeFi) platform’s token rebounds from its November 2022 low of $0.4, crypto enthusiasts are left wondering whether this momentum is sufficient to initiate a sustained bullish trend for CRV.<\/span><\/p>\n Over the weekend, cryptocurrency tracker <\/span>Lookonchain detected<\/span> an interesting activity involving two significant whales. The first whale orchestrated a substantial withdrawal, amassing a staggering 19.56 million CRV tokens valued at approximately $10.33 million from the popular crypto exchange Binance.<\/span><\/p>\n What makes this move even more intriguing is that the whale proceeded to stake the entire sum on Convex Finance (CVX), a DeFi platform intricately designed to empower Curve users in enhancing their rewards.<\/span><\/p>\n Not to be outdone, <\/span>another whale<\/span> executed a withdrawal of 5.78 million CRV tokens, worth in excess of $3 million, from Binance on a Sunday, further piquing the curiosity of the crypto community.<\/span><\/p>\n Whale”0xDf14″ withdrew 5.12M $CRV($2.7M) from #Binance again 6 hours ago.<\/p>\n And the whale has withdrawn a total of 19.56M $CRV($10.33M) from #Binance in the past 3 days.<\/p>\n The whale staked all $CRV on #Convex.https:\/\/t.co\/eSOmZSlmk8 pic.twitter.com\/8fXj2VVk3T<\/p>\n \u2014 Lookonchain (@lookonchain) September 25, 2023<\/p>\n The current price of CRV on <\/span>CoinGecko<\/span> stands at $0.515, reflecting a 0.1% decline over the past 24 hours but showing a promising seven-day rise of 16%.<\/span><\/p>\n Despite the upward surge, CRV is currently confronting a resistance zone in the vicinity of the $0.55 mark, potentially attributable to short-term traders capitalizing on their gains. <\/span><\/p>\n In the event that supply pressure mounts, this altcoin could undergo a minor retreat, possibly descending to levels around $0.5 or even $0.45 as it regains its bullish footing.<\/span><\/p>\n CRV market cap currently at $459 million. Chart: TradingView.com<\/p>\n If the ongoing recovery trend retains its momentum, CRV’s price, according to a <\/span>price report<\/span>, may aspire to another notable ascent, targeting a 10% upswing to challenge the upper threshold of a long-standing channel pattern. <\/span><\/p>\n Taking a step back to assess the broader picture, the CRV token has endured a prolonged correction phase, ensnared within a descending channel pattern that has persisted since February 2023.<\/span><\/p>\n As CRV navigates the currents of the crypto market, the recent surge in whale accumulation adds a layer of anticipation to its journey. Whether this accumulation is indicative of a more sustained bullish run remains to be seen, as the token grapples with resistance levels and supply dynamics.\u00a0<\/span><\/p>\n Nonetheless, the evolving dynamics surrounding CRV underscore the ever-evolving nature of the cryptocurrency space, where market sentiment and investor behavior can rapidly shift the course of a digital asset.\u00a0<\/span><\/p>\n (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\nResistance Looms, Yet Potential For CRV Persists<\/strong><\/h2>\n
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Implications For The Future<\/strong><\/h2>\n