Curve (CRV) Bounces 40% From All-Time Low As Whales Go On Shopping Spree
20 Giugno 2024 - 2:00AM
NEWSBTC
Curve Finance’s native token, CRV, saw a dramatic 30% price drop a
week ago. The crash, which included the massive liquidation of
Curve Finance CEO’s lending positions, left many investors
concerned. Whales took advantage of Curve’s struggle and loaded
their bags with millions of tokens. Related Reading: Trump-Inspired
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Whales Go Shopping After CRV Dip On June 13, CRV price saw a
massive drop and a high liquidation risk that alarmed the crypto
community. As a result, Curve Finance’s native token reached a
negative milestone after dropping nearly 40%. The token went from
hovering between the $0.35-$0.37 price range to its new all-time
low (ATL) of $0.20. Since then, Curve Finance’s team has worked to
solve the issues and stabilize the token’s price. Over the weekend,
the token started its recovery, reclaiming the $0.30 support level.
However, CRV’s price fell below the support zone as the new week
started, retracing to the $0.27-$0.29 levels. Curve continued its
upward trajectory on Tuesday afternoon, printing nine hourly green
candles. Nearly a week later, the token has bounced over 40% from
the drop. After momentarily rising above the $0.355 mark today, CRV
is currently trading around the $0.33 range. Despite investors’
concerns, whales took the opportunity to snatch CRV at a discounted
price. On-chain analytics firm Spot On Chain revealed that six
whales accumulated over 50 million CRV during the dip. Per the
report, the whales bought 55.26 million Curve tokens, worth around
$19.4 million. 5 of the 6 wallets are first-time accumulators,
which made the first-time purchases of the token surge this week.
Since the price recovery, the whales have made around 8%, or $1.43
million, in unrealized profit. The biggest gainer bought 4.34
million tokens at an average price of $0.288, representing a 21.84%
ROI. Crypto Analysts Predict Rise To $2 Various market watchers
have forecasted a bullish future for CRV’s price. As the price
started to retest the $0.3 price range, crypto trader Follis
suggested that Curve Finance’s token would perform remarkably. The
trader says the token will ” be one of the first alts to pull a 2x
off the lows.” He highlighted that the token’s “-40% nuke” was
linked to Michael Egorov’s liquidation event. Additionally, he
pointed out that in 5 days, the token had recovered nearly 50% of
its price. Crypto analyst CrediBull stated that Curve Finance’s
token has “already printed a clear 5 wave impulse.” To the analyst,
this suggests that CRV is “structurally more bullish” than tokens
like CVX. CrediBull forecasted a $2 target for the token based on
this performance. Related Reading: ZkSync (ZK) Drops 20% Amid
Binance Listing And New Token Distribution Program Another trader
shared a similar opinion, stating that CRV is “looking good for
some relief.” To Sanchez, the liquidation dip looked like the last
leg down in a five-wave pattern. He believes the recent daily
performance “should be good for a decent bounce.” Featured Image
from Unsplash.com, Chart from TradingView.com
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