Curve DAO Token Faces Market Pressure After Latest Liquidation

• CRV faces liquidation pressure, but stolen tokens complicate market evaluation.
• Bearish indicators suggest potential further declines for CRV in the short term.
• Long-term outlook remains optimistic, with CRV predicted to reach $1.75 by 2030.

Curve DAO Token (CRV) faces significant market pressure following a recent liquidation event. According to PeckShieldAlert data, an address labeled Michael Egorov was liquidated for 918.83K CRV, valued at $882.66K.

However, this liquidation is unusual because the CRVs backing the position were stolen during the uwu hack in June. So these tokens are not genuine CRVs but instead are a “receipt of Sifu’s promise to repay the hacked funds.” Despite this, the market continues to assess CRV’s future potential.

There are no CRVs backing this position (they’ve been stolen from me during uwu hack in June 10). So, in this sense, they are not real CRV but a “receipt of Sifu’s promise to repay the hacked funds”

— Michael Egorov (@newmichwill)
December 19, 2024

Current Market Overview and Technical Indicators

As of press time, the price of Curve DAO Token is $0.942348, with a 24-hour trading volume of $512 million. However, CRV has experienced a notable 9.76% drop in the past 24 hours, signaling weakening bullish momentum. The Relative Strength Index (RSI) currently stands at 52.07, indicating neutral momentum. 

This decline suggests that the bullish sentiment is fading. A drop below 50 on the RSI could mean further bearish movement soon.

CRV/USD 1-day price chart, Source:
Trading view

The Moving Average Convergence Divergence (MACD) also shows bearish signs, with the MACD line below the signal line, indicating a potential continuation of the downward trend. The red histogram further confirms the increasing selling pressure.

Curve DAO Token Price Prediction

Looking at the CRV/USDT chart, the price has been correlating after a strong rally in recent weeks. The immediate support level lies at $0.8000, a key psychological level. 

Additionally, the 50-day Simple Moving Average (SMA) at $0.6231 serves as another strong support. Should the price fail to hold above these levels, the 100-day SMA at $0.4465 and the 200-day SMA at $0.3737 could offer further support.

CRV/USD 1-day price chart, Source:
Trading view

On the resistance side, the $1.0000 mark stands as the first major hurdle, with the $1.2000 level serving as a more significant resistance. Volume analysis shows decreased trading volume during the retracement, indicating that the market is taking profits rather than signaling a complete reversal.

Outlook and Long-Term Projections

Looking ahead, Curve DAO Token’s Coin Edition price predictions suggest that CRV may experience moderate fluctuations over the next few years. In 2024, CRV should range between $0.50 and $0.70, averaging around $0.60. By 2025, CRV could stabilize between $0.75 to $1.00, averaging $0.87.

Technological advancements and growing partnerships could push CRV’s price to new heights by 2026, with an estimated range of $1.00 to $1.20. In the longer term, by 2027, CRV may trade between $1.20 and $1.50, driven by the expansion of the DeFi ecosystem.

By 2028, CRV could rise further, with prices ranging from $1.40 to $1.80, and potentially between $1.50 and $2.00 by 2029. By 2030, Curve DAO Token could be a mainstay in DeFi, with prices between $1.50 and $2.00, averaging around $1.75.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.