Following this month’s reduction, which brought over 30% correction in two weeks, CRV found support a week ago and bounced back. Facing a key level, the trend is still looking bullish on the daily timeframe.

The recent monthly drawdown caused a notable decrease in the market, but CRV managed to hold above the $0.69 level last week – providing a sizeable discount for the bulls. They took advantage of it and pushed the price back up with a strong close above the $0.8 level.

Volatility enhanced this week and the price surged consistently until it tapped the key $1 level on Wednesday. This key level posed a threat to the bulls and the price dropped. Resurging from $0.89 yesterday, the price is once again facing resistance at the mentioned key level.

But looking at the latest move, CRV appeared to be staging a new rally following the recent bounce back. A break above this level could fuel a bigger rally in the next few days, although the current monthly high is another major obstacle to overcome before the mega rally takes place.

Failure to scale through could result in a drop capable of correcting the price lower before locating a solid level for a fresh increase. But from the look of things, the bulls are more likely to have an upper hand.

Source: Tradingview

The main resistance to watch for a major break-up is $1.3 – the current monthly high. From there, the $1.7 and $2 levels would be higher resistance levels for a test.

The $0.88 level is considered close support, followed by the holding $0.69 level – standing as the monthly low. Losing these levels could trigger a broader correction to $577 and $0.47.

Key Resistance Levels: $1.34, $1.7, $2

Key Support Levels: $0.88, $0.69, $0.577

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: karnoff/123RF // Image Effects by Colorcinch

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