CRV CurveDAO Coin Prediction in August 2024: Able to Touch $0.50?

Bittime - The DeFi landscape has seen a significant surge in the price of CurveDAO's CRV token, marking a potential reversal from previous all-time lows. 

This resurgence was driven by several factors, including a proposal by Curve's founders for development funding and positive technical analysis indicating a potential uptrend.

Curve Founder Requests 21M CRV for Development

Curve founder Michael Egorov has submitted a proposal requesting a large amount of CRV tokens from the Curve DAO Community Fund to support the ongoing development of the protocol. The proposal aims to secure funding for Swiss Stake AG, the company responsible for many of Curve's core components. 

The funds will be used to maintain and expand the Swiss Stake team and invest in research and development.

While the proposal has sparked debate within the Curve community, it has also contributed to the positive sentiment surrounding the token.

CRV Price Analysis

CRV has experienced a significant rebound from its all-time lows, forming a five-wave pattern indicating a potential bullish trend. This pattern, combined with a break above descending resistance and entry into the horizontal zone above $0.30, suggests a promising outlook.

However, the bearish divergence between the final wave and technical indicators such as RSI and MACD suggests a potential reversal in the short term. Nonetheless, a further push to the upside is expected, targeting $0.36.

If CRV can maintain the price above $0.25 during the expected retracement, this will strengthen the possibility of a major uptrend. This could lead to a significant increase in price, potentially reaching above $0.50. 

If this scenario materializes, CRV could have further upside potential, as it would only be the start of a larger uptrend.

Read also: Check out CRV prices today!

Conclusion

Overall, CRV has shown strong signs of recovery, supported by development funding proposals and positive technical analysis. Despite the short-term uncertainty, the potential for a long-term uptrend remains. Investors monitoring the DeFi market may want to consider CRV as an attractive investment opportunity.

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