Curve DAO price joins the list of the biggest gainers this week following a 14.9% bullish rally to trade at $1.03 at press time. The token’s price action shows that CRV’s upward journey from its 2022 low is promising. The Curve DAO token is an ERC-20 token and the governance token for the Curve Finance platform.
Decentralized exchanges continue to be the lifeblood of the growing decentralized finance (DeFi) sector, offering the best way to swap between cryptocurrencies without using financial intermediaries. Curve Finance is the largest decentralized exchange on the Ethereum blockchain, using an innovative incentive structure designed around the Curve DAO Token (CRV) to enhance adoption. As a platform, Curve plays a crucial role in decentralized finance, with the notable potential for growth as Ethereum continues to bring in more users.
Curve DAO price prediction
CRV’s positive gain positions the token among the altcoins that have resisted the losing streak from the top 100 cryptocurrencies by market capitalization. The token also happens to be among the promising cryptocurrencies as of Thursday (July 14) after a 14.9% gain that has propelled it as high as $1.03, almost 95% from its lowest price level in 2022 at $0.53.
Curve DAO last recorded such a concrete bullish performance in March 2022. Over the last four weeks, the token has achieved between 70% and 80%, far above the 66% rally witnessed between March 14 and April 3.
The bulls will now try to push the price above the immediate resistance at $1.06. If they succeed, CRV will be bolstered to rise higher, recording more gains targeting the $1.50 psychological level or the $2.5 range high.
Both the Relative Strength Index (RSI) and the Stochastic RSI were positioned in the positive region, a suggestion that the bulls still have the upper hand. These oscillating momentum strength indicators add credence to CRV’s upside.
CRV/USD Daily Price Chart
On the downside, the RSI was pointing downwards, an indication that the bears had started taking control. Therefore, if the price turns down from the current level, it may drop first toward the $0.90 support level and later to the $0.5 psychological level.
Expect CRV price bulls to take a breather here giving an opportunity to more investors to buy curve on the dip before kickstarting a recovery.
Riding the Bullish Wave
The rise in Curve DAO price coincides with the growing inflation in the U.S. that has seen the value of the U.S. dollar take a nosedive. The relentless surge has pushed the current inflation rate in the U.S. to 9%, taking the government’s consumer price index higher. Consumers have faced the pain in everyday routines with utilities such as unleaded gasoline, airline tickets, and foodstuff going up by explosive margins.
According to Jerome Powell, the Federal Reserve chair, nobody anticipated the extremity of the current inflation and its persistence. Nonetheless, after being merely an afterthought for many years, high inflation became the new normal with much dominance as shortages of labor and supplies went up. This is against the burgeoning demand for goods and services across the economy.
With inflation eroding the dollar’s value, investors run to crypto as a hedge against inflation. Instead of putting money in traditional and alternative investments for building and storing wealth, they purchase crypto in hopes that it will increase in value in the process, making it less vulnerable to the fluctuations of the U.S. dollar.
Is CRV Rally sustainable?
Using cryptocurrencies as a hedge against inflation may look like a well-informed move. However, this is not permanent as its history is very brief. CRV’s on-chain metric proves that bulls have a heavy hand in its latest rally.
There is some possibility that the bottom is in, and the price action is likely to make more rallies north. Nonetheless, investors ought to remain keen because any upside may be characterized by wild swings of higher and lower lows, the Wyckoff style in CRV’s market activity.
Blockchain continues to grow despite the bear market
More on industry growth, a new player has joined the block with a presale starting July 12. The presale for Battle Infinity (IBAT), a play-to-earn gaming platform, went live two days ago with a hard cap of 16,500 BNB. The P2E focuses on fantasy sports, allowing players to create teams and join battles with others for top-ranking positions in the gaming leagues. Platform users earn income from a stake pool, which makes the revenue source for Battle Infinity very transparent.
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