What for Curve Finance (CRV) Following 31% Slump Over Past 30 Days?
Curve Finance’s governance token, CRV, has witnessed continued price dips over the past few weeks following a bearish attack. Investors and traders have suffered massive losses during the ongoing market-wide downtrends.
Leading cryptocurrencies such as Bitcoin and Ethereum will likely endure continued struggle as the FTX-driven crash deteriorates the financial space. Faded price movements by the top cryptos would mean downtrends in the altcoin market. Moreover, CRV’s relationship with Ethereum would mean Curve Finance investors will hardly escape losses.
Recent Figures – Steady Value Decline
CoinGecko data shows the alternative token’s value endured steady plummets over the last few months. Moreover, the price chart shows a dramatic 45% decline since January. CRV dropped by 31% over the past month.
Also, Coinmarketcap’s on-chain analysis tool paints red, indicating a massive bearish wave dominating the asset’s market structure. Furthermore, CRV trades at a $0.5048 loss during this writing. Technical indicators display pessimism about the market’s state.
The Relative Strength Index has never climbed above 55 since CRV’s almost $1 breakout. The coin’s negative trend might also come from its ‘tight’ relationship with Ethereum. The alts boast a massive 0.94 correlation. That means worsened ETH tendencies would trigger price declines in CRV.
Should We Expect Recovery in Upcoming Days?
The Bollinger band expansion shows a substantial price volatility increase. That confirms the chances of more price dips during the coming days. Multiple candlesticks and the trend-line support these tendencies, suggesting a massive downswing for CRX.
Triple Exponential Moving Average figures on the 20 – 30-day charts also displayed bearishness. Nevertheless, the condition reverses over long durations. That might mean that CRV will finally win. However, that remains highly unlikely as the token suffered plummets in price and total value locked (TVL).
DeFiLlama shows the token’s TVL dipped from $6.49B on 7 September, before the FTX crisis, to press time $3.98B. Meantime, the trading volume peaks at around $3.52 billion. Curve Finance can hardly survive the brutality of the ongoing bear market clash.
Traders and investors expecting massive near-term gains from this alt may have to abandon such anticipations. A short position, for now, can balance the price movement and formulate some additional income.
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