Following last weekend’s dump that strengthened bearish footings, CRV started this week on a short mode and tested a key level. Fortunately, the level produced support, and the price surged as volume flowed back.
The first week of this month was quite depressing as the bears continued to step back into the market. They mounted pressure and pulled the price lower following an increasing volume outflow since late last month.
This led to serious panic among investors, but the $0.49 level held well after a rejection, and the price bounced back. Leading to a quick resurge, the price increased significantly above $0.6 following a slight breakout.
CRV’s steady surge was triggered by an increasing volume inflow daily. A further increase in this volume could fuel a major bullish rally on a short-term scale. Looking at the price action, it just signaled a reversal with an inverse head-and-shoulder (H&S) breakout on the daily chart.
The pattern was formed after primarily establishing support at $0.35 last month. As of now, there’s no room for the bears. If they manage to step back, they must reclaim last month’s low before we can consider an extension. Without any doubt, the bulls are currently in charge.
CRV’s Key Levels To Watch
Source: Tradingview
While it may pull back to the $0.49 level, the latest surge in volatility was supported by the weekly $0.396 low and March’s $0.347 support. A new multi-month low may print at $027 if the price breaks lower.
Breaking slightly out of the H&S neckline, the resistance level to watch next in the ongoing surge is $0.762, along with the $0.92 level. Flipping through these levels could bring us straight to $1.1.
Key Resistance Levels: $0.762, $0.92, $1.1
Key Support Levels: $0.49, $0.396, $0.347
- Spot Price: $0.619
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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