CRV saw notable gains in the past few days following a recent recovery in the global market cap. However, its mid-term bearish trajectory is still intact. It leads the top-gainer chart with an 18% increase in the past 7 days. 

Two weeks ago, CRV bounced off a crucial support level of $0.4 after experiencing a steady bearish impulsive movement all the way from $0.87 – registering an over 50% loss in the last two months. 

Although this retracement movement has brought a slight relief for the bulls. But they may continue to suffer losses as soon as the bears step back in action. As shown on the daily chart, CRV rejected the $0.56 level – June’s low – after almost testing the channel’s upper boundary yesterday.

That rejection could trigger another leg down if the price fails to break above the descending channel, which started to form in February. If a such scenario plays, the channel’s lower boundary would be the next sell target for the bears.

In case of a channel breakup, the main buying target level to keep in mind is $1.3 – marked as the current yearly high. An increase above that price level could activate a massive rally from a long-term perspective.

As of now, the market structure still looks bearish on the daily and from the look of things, the bears have the upper hand over the bulls to remain in control. CRV is still down by over 60% from year-to-date.

The $0.56 resistance level halted positive actions last week. If the bulls regroup to take this mentioned level this week, the next resistance levels to watch for a breakup are $0.65 and $0.75 before retesting the important $0.87 level.

CRV bears are attempting to claim back the $0.50 level. If that occurs, the recently bounced $0.4 support level would be targeted. A breakdown from there could further sink the price to $0.30 and $0.2.

Key Resistance Levels: $0.56, $0.65, $0.75

Key Support Levels: $0.40, $0.30, $0.20

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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