As altcoins continued to suffer losses amid the ongoing correction, CRV saw another 15% drop overnight to reach its lowest level in three weeks. It may appear weak, but its short-term bullish trajectory is still intact. The first and second weeks of December saw CRV’s price through a consolidation phase after failing to push above $1.34 earlier this month. Breaking down from that phase, it lost the key $1 level on Wednesday and closed with an engulfing bar. This triggered more sell-offs yesterday and the price further fell off the $0.8 level to a low of $0.735 today. There are no signs of recovery yet as supply becomes heavy in intraday trading. The bears are now targeting the $0.7 level. If this price level holds, we can expect a small relief in the selling pressure. If not, it may enter the $0.5 range before bouncing back stronger. Looking at the last three days of trading, which marked CRV’s biggest drops since the crypto started to correct lower, it seemed to have reached an oversold condition in the hourly timeframe, though there’s still room for selling in the daily timeframe. So far, the overall market condition has been horrible following a 40% loss in the past week. Nonetheless, there’s still hope for the long-term bulls. A drop below $0.2 could trigger a serious bearish sentiment. CRV’s Key Levels To Watch Source: Tradingview The next target support for the bears right now is $0.577. If it breaks, the key support level to watch next would be $0.47. A broader correction could bring us back to $0.367 before initiating a fresh increase. A recovery from the current daily low could bring a retest at the flipped $0.88 and $105 levels. The higher resistance level for a break-up is $1.34. Key Resistance Levels: $0.88, $1.05, $1.34 Key Support Levels: $0.577, $0.47, $0.367 Spot Price: $0.736 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: karnoff/ 123RF // Image Effects by Colorcinch
