The Curve DAO token CRV rose by more than 10 per cent on Tuesday, before prices went down the downward trend line for about six months. With strong prices, a parallel increase in the volume of derivatives traded and unsettled contracts, as well as an improvement in chain activity, the market has begun to look at whether this round of rebound can be further sustained.
Derivative data synchronised.
The Coinglass data show that CNV derivatives have grown by more than 102 per cent over the past 24 hours, to about $86 million; unsettled contracts have grown by more than 18 per cent, close to $67 million.
Price increases are accompanied by an increase in unsettled contracts, which usually means that additional funds are available, rather than just retrofitting them. This indicates that market participation in CNV follow-up is increasing after the trend line has been breached.
- Derivatives traded around $86 million.
- Unsettled contracts of approximately $67 million
- 24 hour increase over 10%
Resilient on the chain.
In addition to the derivatives market, the chain data show that the participation of the Curve ecology has not significantly weakened. The article mentions that, despite the fact that the CRV has been subject to major resistance positions over the past months, the daily address has remained relatively stable in recent weeks.
This means that there is no significant loss in chain use at the price-processing stage. While the current level of activity is still below the high point of the previous cycle, this change is consistent with recent improvements in the price structure and provides some support for the rebound.
Market focus on follow-up resistance zones
In terms of price structure, the CRV has been supported on several occasions by purchases in the 0.20 to 0.21 United States dollars area, which, following the current breakthrough, has become a critical position for short-line coverage. If prices remain stable, the market will focus first on the range of 0.27 to 0.28 dollars.
The zone was superimposed on the previous high-band and 200-day mean, which was the next main resistance. If further breakthroughs follow, the market horizon may shift to the 0.33 to 0.34 dollars area.
At the same time, the relative strength and weakness index has returned to above 50, which shows an increase in kinetic energy over the previous period, but has not yet entered a significant excess area. Next, the CNV's ability to turn the breakpoint into a backstop will be an important observation point to determine whether this round rise will continue.