Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Curve Finance\u2019s native token, CRV, saw a dramatic 30% price drop a week ago. The crash, which included the massive liquidation of Curve Finance CEO\u2019s lending positions, left many investors concerned. Whales took advantage of Curve\u2019s struggle and loaded their bags with millions of tokens. Related Reading: Trump-Inspired Memecoins Crash 30% After Rumors Of Trump\u2019s Official Token Launch Whales Go Shopping After CRV Dip On June 13, CRV price saw a massive drop and a high liquidation risk that alarmed the crypto community. As a result, Curve Finance\u2019s native token reached a negative milestone after dropping nearly 40%. The token went from hovering between the $0.35-$0.37 price range to its new all-time low (ATL) of $0.20. Since then, Curve Finance\u2019s team has worked to solve the issues and stabilize the token\u2019s price. Over the weekend, the token started its recovery, reclaiming the $0.30 support level. However, CRV\u2019s price fell below the support zone as the new week started, retracing to the $0.27-$0.29 levels. Curve continued its upward trajectory on Tuesday afternoon, printing nine hourly green candles. Nearly a week later, the token has bounced over 40% from the drop. After momentarily rising above the $0.355 mark today, CRV is currently trading around the $0.33 range. Despite investors\u2019 concerns, whales took the opportunity to snatch CRV at a discounted price. On-chain analytics firm Spot On Chain revealed that six whales accumulated over 50 million CRV during the dip. Per the report, the whales bought 55.26 million Curve tokens, worth around $19.4 million. 5 of the 6 wallets are first-time accumulators, which made the first-time purchases of the token surge this week. Since the price recovery, the whales have made around 8%, or $1.43 million, in unrealized profit. The biggest gainer bought 4.34 million tokens at an average price of $0.288, representing a 21.84% ROI. Crypto Analysts Predict Rise To $2 Various market watchers have forecasted a bullish future for CRV\u2019s price. As the price started to retest the $0.3 price range, crypto trader Follis suggested that Curve Finance\u2019s token would perform remarkably. The trader says the token will ” be one of the first alts to pull a 2x off the lows.\u201d He highlighted that the token\u2019s \u201c-40% nuke\u201d was linked to Michael Egorov\u2019s liquidation event. Additionally, he pointed out that in 5 days, the token had recovered nearly 50% of its price. Crypto analyst CrediBull stated that Curve Finance\u2019s token has \u201calready printed a clear 5 wave impulse.\u201d To the analyst, this suggests that CRV is \u201cstructurally more bullish\u201d than tokens like CVX. CrediBull forecasted a $2 target for the token based on this performance. Related Reading: ZkSync (ZK) Drops 20% Amid Binance Listing And New Token Distribution Program Another trader shared a similar opinion, stating that CRV is \u201clooking good for some relief.\u201d To Sanchez, the liquidation dip looked like the last leg down in a five-wave pattern. He believes the recent daily performance \u201cshould be good for a decent bounce.\u201d Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":604532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[72612,83432,86416,89447,89756,88553,83460,89367,89496,85297],"class_list":["post-625476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bullish-analysis","tag-crv","tag-crvusdt","tag-crypto-analysts","tag-crypto-trader","tag-curve-dao","tag-curve-finance","tag-curve-price","tag-michael-egorov","tag-whale-accumulation"],"acf":[],"yoast_head":"\n
Curve (CRV) Bounces 40% From ATL As Whales Go Shopping<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n