surging 15% for Curve DAO, potential for pullback: anticipated price ranges $0.86 or $0.70; forecasting future moves for CRV
In a notable development for the cryptocurrency market, the Curve DAO Token (CRV) has been on an upward trajectory, with a 15.5% rally that took it to a 2-month high of $0.80. This surge has been driven by a combination of factors, including increasing Total Value Locked (TVL), attractive yields, solid technicals, and growing DeFi utility.
The TVL in Curve DAO's protocols has risen significantly, reaching around $2.17 billion. This boost in capital locked in the platform enhances token utility and demand, as investors view it as a sign of confidence in the platform. Additionally, Ethereum-based liquidity pools offering attractive yields have contributed to buying interest.
The availability of high yields on Curve’s liquidity pools encourages investors to hold and use CRV tokens, driving demand and price gains. The strong market sentiment and technical momentum have also played a significant role in CRV's resilience. Despite a broader crypto market pullback, CRV has shown resilience with bullish technical indicators supporting a strong upward trend.
The token recorded a 34% weekly surge and remains in a bullish zone, supported by positive investor sentiment and growing trading volumes. Adjustments by Binance affecting CRV collateral rates highlight its growing use in sophisticated DeFi lending and borrowing strategies, further underpinning its importance and price.
The surge in scarcity suggests that there are fewer tokens available for immediate selling. As a result, the Relative Strength Index (RSI) for Curve DAO soared to 76, indicating overbought territory. However, the +DI of DMI for Curve DAO hiked to 40.5, reflecting strong upward momentum and its continuation potential.
The altcoin's market cap spiked 14% to $1.08 billion, and the Exchange Netflow dropped significantly, hitting a 3-week low of -$2.67 million. The Funding Rate for Curve DAO turned positive again on the 16th of July, with a current rate of 0.0077 and a predicted rate of 0.017. As a result, the Long Short Ratio surged to 1.56, with long positions accounting for 60% and shorts making up 39.37%.
Regarding whether CRV can reach $0.86, current price predictions support this target as realistic in the near term. One source forecasts that CRV could reach approximately $0.858 by mid-August 2025, reflecting an expected price increase of around 19% from current levels (around $0.92). Other technical analyses point toward price levels between $0.70 and $0.81 in the short term, indicating that $0.86 is achievable if bullish momentum persists.
However, for the uptrend to be valid, Curve DAO must record a daily close above 0.77. Anything below 0.77 would retrace to $0.70. Futures are indicating potential further gains, but it remains to be seen whether CRV will indeed breach the $0.86 mark.
In conclusion, the combination of increasing TVL, attractive yields, solid technicals, and growing DeFi utility is propelling CRV's price higher, making a move toward $0.86 plausible within the next few weeks if current trends continue.
[1] CoinMarketCap. (2021). Curve DAO Token (CRV) Price Chart and Information. https://coinmarketcap.com/currencies/curve-dao-token/ [2] CoinGecko. (2021). Curve DAO Token (CRV) Price and Market Cap. https://www.coingecko.com/en/coins/curve-dao-token [3] Glassnode. (2021). Curve DAO Token (CRV) Addresses in Profit. https://glassnode.com/token/curve-dao-token/metrics/addresses-in-profit [4] CoinCodex. (2021). Curve DAO Token (CRV) Price Prediction. https://coincodex.com/price/curve-dao-token/predictions/
- The surge in the price of Curve DAO Token (CRV) has been due to a rise in Total Value Locked (TVL) in Curve DAO's protocols, which has reached approximately $2.17 billion.
- Ethereum-based liquidity pools offering attractive yields have boosted buying interest for CRV tokens, contributing to the token's ongoing rally.
- As more investors lock their capital in the platform, the subsequent growing DeFi utility and rising trading volumes have driven the demand for CRV tokens, resulting in price gains.
- The token's importance and price have been further underpinned by its growing use in DeFi lending and borrowing strategies, particularly on exchanges like Binance.
