Axie’s price depreciated by over 25% since it started to drop in April. The selling has been suspended. As a result of that, it appeared to have found support after experiencing a serious decline in a month.
CRV touched $1.3 earlier this month following the early-year rally. But unfortunately, the price started to drop because the bulls fail to sustain buying pressure. The price sold off and bottomed at $8 in March.
After that, the price picks up again and started to increase. It tested $1.1 and initiated another drop. This drop lasted for a few weeks before it found support around the $7.6 level a few days ago.
As shown on the daily chart, the buyers are attempting to push the price towards the resistance line. The buildup is still not looking good at the moment due to low trading volume. We can expect a volatile price action if the demand level rises.
From the look of things, CRV is likely to resume bearishness once it makes a lower-high movement towards the descending resistance line. Failure to initiate a drop at that resistance could cause the price to break out of the resistance line.
If such a scenario occurs, the bulls are likely to come back into the market as they regain control. For now, the bears are still in control of the higher time frame.
CRV’s Key Levels To Watch
Should the buyers push further in the next few days, they may encounter resistance at $0.9, followed by a close level at $0.981. The $1.07 level would be the next bullish target.
CRV is currently sitting on the $0.76 support level. If this level collapses, the potential support to watch next is $0.64 and $0.57.
Key Resistance Levels: $0.9, $0.981, $1.07
Key Support Levels: $0.76, $0.64, $0.57
- Spot Price: $0.83
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
