CRV - How are things looking?
Assets covered: Curve (CRV)
Metrics used: Price, Network Growth, Supply on Exchanges, MVRV 7D, Daily Active Addresses
Since bouncing off the lows in July, CRV is continuing to make higher higher and higher lows with rising volume. Generally, this is a good and healthy sign for an uptrend.
However, it's hitting resistance area at the moment, which is around the $2.50 levels. A clean break and retest to flip this level to support would set it for a bullish continuation towards the previous ATH in April.
Supply on Exchanges
With the recent price spike, we observed quite a strong spike in CRV Supply on Exchanges as well, which could prove to be a strong sell pressure ahead.
CRV's MVRV 7D which measures the short-term profit/loss of holders is showing that we are heading into the danger zone, as all short-term holders are in the profit at the moment -Which could incentivise them to take some profits.
CRV's Network growth is rather encouraging after some stagnation since mid-July. It is currently making higher highs, a continuation will bode well it indicates new participants coming in.
Daily Active Addresses
CRV Daily Active Addresses is also picking up nicely, indicating that increased interest in CRV, which a good sign of a healthy network.
Overall, things are looking pretty decent for CRV at the moment. Granted, there's a few hurdles to tackle, e.g Sell pressure and the resistance at $2.50.
But those might just be a matter of time as long as BTC doesn't nuke.
Thanks for reading!
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