CRV Token Rebounds 40% From the Drop as Whales Accumulate Millions of Tokens

Curve Finance's native token, CRV, saw a dramatic 30% price drop a week ago. The crash, which included the liquidation of Curve Finance CEO's

Curve Finance (CRV) Nearly a week after the fire incident, the token is up over 40%, trading at around $0.33.

CRV price dropped significantly last week, increasing liquidation risk and shocking the crypto community. As a result, Curve Finance's native token fell to a significant milestone, with a decline of 40%. The token was hovering in the $0.35-$0.37 price range before hitting an all-time low (ATL) of $0.20.

Since then, the Curve Finance team has been working to resolve the issue and stabilize the token price. Over the weekend, the token began to rise and regained the $0.30 support level.

However, as the new week began, CRV price fell below the support zone and fell to the $0.27-$0.29 level. It continued to rise on Tuesday afternoon, forming nine hourly green candles.

Nearly a week later, the token has rallied more than 40% from its decline. After briefly rising above $0.355 today, CRV is currently trading around $0.33.

Despite concerns from investors, the whales seized the opportunity to purchase his CRV at a discount. On-chain analysis firm Spot On Chain revealed that he accumulated over 50 million CRV during the six whale declines.

According to the report, these whales collectively purchased 55.26 million Curve tokens worth approximately $19.4 million. There was a spike this week as five of the six wallets accumulated for the first time and bought tokens for the first time.

Since prices recovered, these whales have recorded approximately 8% ($1.43 million) in unrealized gains. The person who made the biggest profit bought 4.34 million tokens at an average price of $0.288, recording his ROI of 21.84%.

Crypto Analysts Predict $2 Rise Various market watchers are predicting a bullish future for CRV price. As the price begins to retest his $0.3 price range, crypto trader Follis suggested that the performance of the Curve Finance token will be remarkable.

This trader says the token “will be one of the first alternative tokens to rise 2x from its lows.” He emphasized that the token’s “-40% plunge” is related to Mikhail Egorov’s liquidation event. He further noted that the token had recovered approximately 50% of its price in five days.

Cryptocurrency analyst CrediBull said that the Curve Finance token is "already forming a clear 5-wave impulse." To the analyst, this suggests that his CRV is “structurally more bullish” than tokens such as his CVX. CrediBull set his $2 target on this token based on this performance.

Another trader echoed similar sentiments, saying CRV "could rise and ease some liquidations." For Sanchez, the liquidation drop looked like the final drop in his five-wave pattern. He believes recent daily performance "should lend itself to a modest upside."

News source: https://www.kdj.com/cryptocurrencies-news/articles/crv-token-rebounds-drop-whales-accumulate-millions-tokens.html

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