Hello everyone! Decided to put out my thoughts on Clover Finance's token since I can barely find any kind of relevant news or thoughts on the potential value of the token going forward. Quick disclaimer, nothing written here is financial advice, always do your own research, always have a well thought out trading plan, and talk with a professional when considering investments. Another disclaimer, I do in fact own CLV so take everything I write as biased and read the first disclaimer again.
Clover Finance markets itself as "A foundational layer for cross-chain compatibility" which for users of the Clover wallet extension means that they offer the ability to transact with several different blockchains and connect to Web3js and Polkadotjs based dapps. There's a few other notable features, but I'll let those interested in learning more look into the project themselves.
Since there's not much to actually look at chart wise I'll keep the rest of this on the short side. CLV has a circulating supply of roughly 128,800,000 tokens with a total supply of 1,000,000,000 tokens. As of the time writing this, an unholy time of four in the morning before going to sleep, the market cap was $153,200,000. Which to me leaves the impression that if the project succeeds at onboarding users and providing a unique experience the market cap has room to grow.
Currently, the price has been moving within a pennant and looks as though we'll see some movement today or at the very least the next few days. I'm leaning bullish after confirmation bias and a few good dreams, just kidding TradingView Mods, but we'll see how the market performs. I've plotted three support and three resistance areas which are purely based on the limited information we have at the moment. The $2.10 resistance is one I'll be watching as that's where we might enter a new price discovery phase depending on the strength of the movement. $0.63 support would be my worst case unless I wake up to a bleeding market, which knowing how my trading plans go is likely. Other than that, I'm testing out a smoothed oscillator which does a decent job of adding confirmation bias but can't really use it for much else on this chart's timeframe. I usually keep it on for longer timeframes to determine periods of price consolidation and avoid false breakouts. If it works out and / or if you express interest in it I might make another post later.
Anyway, hopefully you enjoyed my analysis! If you disagree or point out something that's incorrect I'm more than happy to receive your feedback! Please stay safe and have a lovely night!
Clover Finance markets itself as "A foundational layer for cross-chain compatibility" which for users of the Clover wallet extension means that they offer the ability to transact with several different blockchains and connect to Web3js and Polkadotjs based dapps. There's a few other notable features, but I'll let those interested in learning more look into the project themselves.
Since there's not much to actually look at chart wise I'll keep the rest of this on the short side. CLV has a circulating supply of roughly 128,800,000 tokens with a total supply of 1,000,000,000 tokens. As of the time writing this, an unholy time of four in the morning before going to sleep, the market cap was $153,200,000. Which to me leaves the impression that if the project succeeds at onboarding users and providing a unique experience the market cap has room to grow.
Currently, the price has been moving within a pennant and looks as though we'll see some movement today or at the very least the next few days. I'm leaning bullish after confirmation bias and a few good dreams, just kidding TradingView Mods, but we'll see how the market performs. I've plotted three support and three resistance areas which are purely based on the limited information we have at the moment. The $2.10 resistance is one I'll be watching as that's where we might enter a new price discovery phase depending on the strength of the movement. $0.63 support would be my worst case unless I wake up to a bleeding market, which knowing how my trading plans go is likely. Other than that, I'm testing out a smoothed oscillator which does a decent job of adding confirmation bias but can't really use it for much else on this chart's timeframe. I usually keep it on for longer timeframes to determine periods of price consolidation and avoid false breakouts. If it works out and / or if you express interest in it I might make another post later.
Anyway, hopefully you enjoyed my analysis! If you disagree or point out something that's incorrect I'm more than happy to receive your feedback! Please stay safe and have a lovely night!
