Curve DAO Defies $0.43 Resistance with 7-Day Green Streak
- The Curve DAO token has set sights on the path to recovery.
- The token has mounted healthy gains over the past week.
- Market analysts have charted a positive outlook for the altcoin market.
The recent heightened volatility in the crypto market has taken its toll on various assets, with some experiencing gains while others face significant declines. Among those impacted negatively is Curve DAO (CRV) , the native token of the Curve Finance DeFi protocol, which hit new lows following the April market crash due to its susceptibility to market trends.
After a prolonged struggle to reverse its fortunes, the token has resurfaced with significant gains, signaling a path to recovery.
CRV Uptick: Will It Hold?
According to the CoinMarketCap data on Friday, May 10, Curve DAO’s value has experienced an upward momentum over the past week, currently trading at approximately $0.452.
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CRV’s current price marks a near 4% breakthrough from its $0.43 mark resistance, which it struggled at for over two weeks following its record-low plunge in April 2024. In addition, the native Curve Finance token has climbed 35% from its year-low price to reach $0.331.
Source:
CoinMarketCap
Despite this recent uptick, CRV remains substantially down from its year-high value of $0.863, raising concerns about its sustainability and the potential of reclaiming its previous gains.
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Curve DAO’s volatile performance mirrors the broader trend observed across the altcoin market.
Altcoins’ Peak and Potholes: Where to Next?
Over the past weeks, the majority of altcoins have struggled to uphold an upward momentum, with some assets pulling back substantially.
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According to market analyst Rekt Capital, the initial excitement and increase in value seen in altcoins during the first quarter of the year has ended, resulting in the ongoing retrace witnessed across the market. The analysis stated that most assets began reaching their lowest point in early February, coinciding with the first quarter Bitcoin hype cycle.
$ALTS
— Rekt Capital (@rektcapital) April 16, 2024
The Q1 Altcoin Hype Cycle is over but if you followed the entire thread…
You'll notice that Altcoins were already bottoming in early February in preparation for the Q1 Altcoin Hype Cycle
If the same repeats in Q2…
This would translate into Altcoin bottoming in as… https://t.co/mQp1tlaFPz pic.twitter.com/p5sbbMwnZV
Rekt Capital further emphasized that if the same pattern repeats in the second quarter of the year, altcoins could reach their lowest point again as early as mid-May, citing the period between the end of May and early June as a more plausible timeframe.
Offering a silver lining, the market analyst added that altcoins are expected to soon stabilize in prices, which could mark a turnaround in the ongoing downturn.
Read more about the aftermath of Curve DAO’s crash to a new all-time low:
Crypto Crash Puts Curve DAO CEO at Risk of Liquidation
Altcoin SUI continues a downward market trend despite chain activity. Read more:
SUI Token Shatters Recovery Hopes as It Falls Below $1 Peg
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
