- Aave neighborhood members voted to quickly freeze the lending markets for CRV and different property following final week’s tried short-selling
- CRV’s value has since rallied by 35%, and accumulation has climbed
Twenty-four hours after the members of the Aave neighborhood permitted a governance proposal that sought to decommission the protocol’s low liquidity asset swimming pools, CurveDAO’s [CRV] value rallied by 5%.
Learn Curve DAO’s [CRV] Worth Prediction 2023-2024
Along with CRV, the proposal, acquired overwhelming assist from the members of the Aave neighborhood. This enabled the protocol to quickly freeze lending markets for crypto property. These included YFI, ZRX, MANA, 1inch, BAT, sUSD, ENJ, GUSD, AMPL, RAI, USDP, LUSD, xSUSHI, DPI, renFIL, and MKR.
This proposal was handed after a dealer borrowed thousands and thousands of CRV tokens from Aave’s already illiquid pool to short-sell them. Whereas CRV’s value fell quickly, it rebounded nearly instantly, main the dealer to endure a value squeeze.
CRV for the win?
In line with information from CoinMarketCap, CRV bought for $0.6719 at press time. As CRV’s value rebounded on 22 November, an evaluation of its efficiency on a each day chart confirmed that the token commenced a brand new bull cycle.
On 22 November, the shifting common convergence/divergence (MACD) line intersected with the development line in an uptrend. CRV’s value has since been represented by inexperienced histogram bars. Since then, the token’s value has gone up by 35%. As well as, CRV’s value rally within the final week put the token on the record of the best-performing cryptocurrency property within the final seven days, per CoinMarketCap.
As value rallied, key indicators on the each day chart revealed a corresponding uptick in CRV accumulation. Within the final seven days, the CRV Cash Move Index (MFI) left the oversold place of 25 to be noticed at an overbought excessive of 79.14 on the time of writing.
Likewise, as of 21 November, CRV’s Relative Power Index (RSI) lay at 30. Nonetheless, the worth progress that commenced on 22 November pushed this key indicator northward to be pegged at 48.01 at press time. Though nonetheless under the 50-neutral spot, continued CRV accumulation may result in additional progress within the RSI.
Additionally indicating a rally in CRV accumulation, the dynamic line (inexperienced) of the asset’s Chaikin Cash Move (CMF) was positioned in an uptrend above the middle line. The CMF posted a optimistic 0.15 at press time. For context, as of 21 November, the CMF was -0.14. The CMF flipped to a optimistic worth within the final seven days and revealed the quantity of CRV accumulation that has taken place.