Following the recent $CRV liquidation crisis, a group of six whales have amassed a total of 55.26 million $CRV tokens, equivalent to around $19.4 million. This sudden accumulation has stirred excitement within the cryptocurrency market. Interestingly, five out of the six whales are new to acquiring $CRV, leading to a noticeable surge in first-time purchases over the last week. This uptrend reflects the increasing confidence among fresh investors in the potential recovery and long-term value of $CRV.
In response to the dip post-liquidation crisis, six whales have acquired 55.26 million $CRV (~$19.4 million)!
• 5 out of the 6 whales are newcomers to accumulating $CRV, contributing to the surge in first-time purchases.
• The price of $CRV has risen by approximately 14% in the last 24 hours, almost returning to its previous levels…
The recent price surge of $CRV by approximately 14% in the past 24 hours indicates a significant recovery, almost reaching its pre-liquidation crisis levels, suggesting a positive shift in market sentiment.
CRV Price Analysis: What’s the Current Outlook?
Upon analyzing the price charts of $CRV, it is evident that a rising wedge pattern is forming, which is typically a bearish reversal sign indicating a possible downward breakout. This pattern often precedes a bearish breakout, with the price approaching the apex of the wedge, hinting at an imminent breakout.
4-hour CRV/USDT Chart | Source: TradingView
Conversely, the Money Flow Index (MFI) currently stands at 49.83, suggesting that the asset is not in either overbought or oversold territory. Typically, an MFI value above 50 would support a bullish scenario, but in the context of a rising wedge, it could indicate excessive buying.