Technical analysis by DreamAnalysis about Symbol CRV: Buy recommendation (10/6/2024)

👋 Welcome back to DreamAnalysis! Today, we’re analyzing CRV (Curve), a major player in the DeFi space, and exploring its future potential.🔍 What is Curve (CRV)? Curve is a decentralized finance (DeFi) platform specifically designed for the efficient exchange of stablecoins and similar low-volatility assets. Using liquidity pools and automated market-making (AMM) algorithms, Curve allows users to trade their digital assets with lower transaction fees and minimal price slippage.📊 Weekly Timeframe Analysis: Key Support LostIn the weekly timeframe, we lost a crucial support level at 0.4070, resulting in a massive 40% drop. After this steep decline, a new support has formed. This drop occurred with significant volume, and it’s clear that most whales have exited their CRV positions, leading to a sharp reduction in total value locked (TVL) on the Curve platform. Many of these whales seem to have migrated to AAVE.⚠️ Selling Strategy: If you haven’t sold your CRV yet, it’s recommended to sell after a break below 0.2441. Until CRV recovers above 0.4070, it’s too risky to consider buying.📈 Daily Timeframe Analysis: Sellers in ControlOn the daily timeframe, the downtrend continues. We were unable to break above the previous high at 0.3517, highlighting the strength of sellers.We are currently sitting on a significant support level, but if it breaks, further declines are likely. Given the lack of support from whales and major holders, a further drop seems more probable.📉 RSI Watch: If this support is broken and RSI enters the oversold zone, crossing below 26.28, we could see an even more severe decline.⏳ 4-Hour Timeframe Analysis: Short-Term RangeIn the 4-hour timeframe, after getting rejected at the 0.3193 resistance, CRV has now dropped into a short-term range between 0.2496 and 0.2650.📉 Short Position:Our trigger for a short position is clear. After a break below 0.2496, you can open a short position with a target of 0.2245.📈 Long Position: For long positions, better coins are available, like SUI. However, if necessary, you can consider opening a long position after breaking above 0.2650, but only if a higher high and higher low form. Be warned—this is a highly risky move.🔍 Conclusion: At the moment, CRV shows more bearish potential. It’s crucial to manage risk, wait for confirmed signals, and keep an eye on market developments before taking any action.💬 This wraps up today’s analysis. If you found this helpful, feel free to share it with your friends and leave a comment with your thoughts or any other pairs or coins you’d like us to analyze.📌 These analyses are merely our ideas based on a chart that doesn’t follow strict rules. Technical analysis is an art, and these insights are not financial advice.