Below is the description of the accumulation phase potential development of the CRV/USDT cryptocurrency pair.
After reaching a local minimum in November 2022, when CRV was trading around $0.3982, there was a convincing upward movement that led to a significant increase to $1.29. During this period, the asset demonstrated a growth of more than 225%. Subsequently, the asset gradually declined, reaching a new local minimum at $0.3882.
During the price decrease, a descending trading channel was formed. At the moment, the asset is testing the upper boundary of this channel, which is occurring at the level of $0.6382.
Considering the current trends, we can assume that the asset is preparing to overcome the upper boundary of the trading channel. This could happen after a small corrective pullback to the average price within the descending channel.
Following a successful breakout above the upper boundary of the channel and a subsequent retest with a possible bounce from it, a positive signal for further growth of the asset can be expected. This scenario could indicate movement towards a price maximum at the level of $1.29.
After reaching a local minimum in November 2022, when CRV was trading around $0.3982, there was a convincing upward movement that led to a significant increase to $1.29. During this period, the asset demonstrated a growth of more than 225%. Subsequently, the asset gradually declined, reaching a new local minimum at $0.3882.
During the price decrease, a descending trading channel was formed. At the moment, the asset is testing the upper boundary of this channel, which is occurring at the level of $0.6382.
Considering the current trends, we can assume that the asset is preparing to overcome the upper boundary of the trading channel. This could happen after a small corrective pullback to the average price within the descending channel.
Following a successful breakout above the upper boundary of the channel and a subsequent retest with a possible bounce from it, a positive signal for further growth of the asset can be expected. This scenario could indicate movement towards a price maximum at the level of $1.29.