Direction
Long
Published
October 14, 2024
Status
Token
CRV
Trigger
Support/ResistanceTechnical Indicator
Type
Trade Strategy
Updated
About + Tokenomics
CoinMarketCap Rank | 163 |
Market Cap | 315M |
Volume 24h | 48M |
Total Supply | 2.18B |
Circulating Supply | 1.2B |
Chain | Ethereum |
Chart Analysis
CRV’s price decline ~75% since its high in March. However, the token bottomed at ~0.25 and has entered a consolidation phase in June. Currently, the price, once again, touched the 0.25 bottom and is about to reverse.
Accordingly, we can assess two potential trade setups.
Technical Indicators
- MACD: Bullish 🟢
- RSI: Neutral 🟢
- VMA: Neutral 🔵
- Triple EMA: Price trades below all EMAs 🔴
- ADX: 19, indicating no trend 🔴
Chart
Trade Setup
Based on the current chart setup, I see two possible trades building upon each other.
Scenario 1 — Trading the reversal to the resistance
- Entry: Wait for the VMA trend to turn bullish on the daily chart.
- Target: $0.35 (33%)
- Stop Loss: Depending on the entry. I would go for ~2% to get a proper R/R ratio.
Scenario 2 — Trading the trend
- Entry: Wait for the price to move above the resistance ($0.35) and confirmation.
- Target: Slightly below 0.50 (~40%)
- Stop Loss: $0.33