The recent events surrounding the Curve Finance ($CRV) token have been a rollercoaster ride, with prominent Twitter analysts providing their insights and updates on the situation.
Andrew Moh (@0xAndrewMoh), a well-known trader, raised concerns about the potential impact of Wintermute’s actions on the $CRV market. Wintermute moved 12.5M $CRV to Binance at a price of 0.6, potentially making $2.5M. He questioned the potential consequences if Curve collapses.
Crypto Macro (@cryptomacro14), a famous Twitter analyst, reported that the looter behind the $61M Curve $CRV hack has started returning assets, raising hope for recovery.
Cæsar (@PARABOLIT), a top-notch analyst, compared the situation with $CRV to a short squeeze scenario similar to $SOL. He suggested a bounce back to $1 could potentially destroy the mass short build-up.
$CRV is very much giving me the $SOL short squeeze vibes.
— Cæsar (@PARABOLIT) August 3, 2023
Bounce back to $1 to destroy this mass short build up looks programmed
Ignas (@DefiIgnas), a technical analysis expert, expressed optimism about the survival of CRV. He pointed out that even if the Curve hacker dumped all stolen $CRV, the price would drop to $0.41, well above Aave’s liquidation price of $0.29. He also noted the increase in the Curve 3Crypto pool of crvUSD+ETH+CRV, which went from $2.4M to $3.9M in a day.
CryptoSpartans (@THCryptospartan), a well-known trader, brought some good news to $CRV holders. The exploiter responsible for draining some $62 million assets held on Curve Finance has returned some of the stolen cryptos after engaging in talks on Friday.
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CRV: altFINS’ technical indicators show bullish signs
In the aftermath of the tumultuous events, the price of CRV seems to have found some stability. The coin has established a strong support level at $0.50, demonstrating resilience in the face of adversity. As of the latest trading data, CRV is currently priced at $0.61, marking a 5% increase in the last 24 hours. This recovery, albeit modest, is a positive sign for investors and holders, suggesting that the market is beginning to regain confidence in the token.
In addition to the recent price stabilization, altFINS’ technical indicators are showing bullish signs for CRV. Despite the coin breaking out of its Channel Up pattern bearishly, falling below the channel support trendline and the $0.75 support zone, there are signs of recovery.
Curve (CRV), a well-established DEX primarily used for stablecoin swapping, experienced a significant exploit recently. However, the business shows signs of stabilization and recovery. The price plummeted to the $0.50 support level, where it has so far found support, backed by robust volumes. This level also served as a support in November and December 2022, preceding a significant rally. Despite the overall downward trend, this could present a higher-risk trade opportunity.
Source: altFINS
The price was trading in a Channel Up pattern, and traders are advised to initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
The trend is downward across all time horizons (Short-, Medium-, and Long-Term). Momentum is bearish, with the MACD Line below the MACD Signal Line, and the RSI is below 45.
In terms of support and resistance, the nearest Support Zone is at $0.50. The nearest Resistance Zones are at $0.75 (previous support), then $1.00, and $1.25. These technical indicators provide a comprehensive picture of the current market conditions for CRV, offering valuable insights for potential trading strategies.
Conclusion
The recent events surrounding Curve Finance ($CRV) have been a whirlwind of highs and lows. The token faced a significant exploit, leading to a drastic drop in price and a ripple effect across the DeFi sector. However, the resilience of the token and the swift actions taken by the community have led to signs of recovery and stabilization.
Prominent analysts and traders on Twitter have provided valuable insights into the situation, highlighting both the challenges and the potential opportunities presented by these events. The technical analysis from altFINS further reinforces this view, showing bullish signs despite the overall downward trend.
The price of CRV has found a strong support level at $0.55 and is currently trading at $0.61, marking a 5% increase in the last 24 hours. While the overall trend is still bearish, the robust volumes and the support at the $0.50 level suggest potential for a higher-risk trade opportunity.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
