- Curve DAO Token jumped nearly 28% as liquidations triggered a rapid price surge across major exchanges.
- A short squeeze erased $3.9 million in bearish positions, with most occurring on Binance and OKX.
- Technical indicators signal strong momentum as CRV tests a critical $1.00 resistance level.
The Curve DAO Token (CRV) recorded a steep gain of nearly 28% in the past 24 hours, briefly nearing the $1.00 level. The surge was largely driven by a short squeeze that wiped out about $3.9 million in bearish positions.
Based on the data of Coinanalyze, overall, 4.6 million dollars worth of leveraged positions have been liquidated, and almost 85% of those positions were shorts. Most of these liquidations were processed by OKX and by Binance, which cleared nearly 2 million shorts.
The coin started its upswing at the price of 0.7853 and touched the border of the psychological and technical resistance at the level of 1.00. This region has yet to be put to the test recently in some months, and hence, this becomes one of the levels to monitor. The rise in price and in the volume of transactions shows the strength of new market engagements.
Support Zones Identified Below Current Levels
The $0.90 range acted as a consolidation base ahead of the breakout and is likely to provide support if prices retrace. Additional support levels include $0.85, which saw multiple price rejections earlier, and $0.7853, the starting point of the current rally.
CRV’s daily chart reveals bullish signals from key indicators. The MACD has shown a positive crossover, with momentum rising as the MACD line moves above the signal line. The histogram remains positive, indicating continued trend strength.
RSI Points to Increasing Demand Without Overheating
The Relative Strength Index currently stands at 57.29. Although trending higher, it remains below the overbought threshold of 70. This suggests there is room for additional upside if the current volume levels are maintained.
Market sentiment appears to be improving as CRV tests the $1.00 mark. Sustained movement above this level may lead to the next resistance zone between $1.05 and $1.10.
