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Curve / US Dollars (CRVUSDT) Token Analysis 11/09/2023Fundamental analysis: Curve functions as a decentralized exchange specializing in stablecoins, employing an automated market maker (AMM) to oversee liquidity management. Its journey began in January 2020, and Curve has since become closely associated with the decentralized finance (DeFi) movement, experiencing substantial growth in the latter part of 2020. In August, Curve introduced a decentralized autonomous organization (DAO) featuring CRV as its native token. This DAO leverages the Ethereum-based creation tool, Aragon, to establish connections among various smart contracts responsible for handling users' deposited liquidity. It's worth noting that governance within this DAO differs in terms of its weighting and other key aspects compared to Aragon. Curve has garnered significant attention by fulfilling its role as an Automated Market Maker (AMM) specifically designed for stablecoin trading. The introduction of the DAO and CRV token has added to its profitability, as CRV serves a governance function and is distributed to users based on their level of liquidity commitment and the duration of their ownership. The surge in DeFi trading has solidified Curve's position in the industry, as AMMs continue to handle substantial amounts of liquidity, leading to increased user profits. Consequently, Curve caters to a broad spectrum of DeFi participants, including those engaged in yield farming and liquidity mining, as well as individuals seeking to optimize returns while holding relatively stable and non-volatile stablecoins. The platform generates revenue by imposing a modest fee, which is then rewarded to liquidity providers. Curve entails the typical risks associated with depositing funds into smart contracts and engaging with Automated Market Makers (AMMs), primarily the risk of impermanent loss. Given that Curve exclusively deals with stablecoins, the likelihood of rapid market fluctuations is diminished. However, users may still experience losses when markets undergo rebalancing to align with cross-market price adjustments. While Curve has undergone audits, it's essential to recognize that these audits do not eliminate the inherent risks associated with exposure to a particular cryptocurrency. Curve (CRV) made its debut in August 2020, coinciding with the launch of the Curve DAO. Its primary role is to serve as a governance mechanism, provide incentives, facilitate fee payments, and offer a means for long-term earnings to liquidity providers. The total supply of CRV tokens amounts to 3.03 billion, with the majority (62%) allocated to liquidity providers. The remaining tokens are distributed as follows: 30% to shareholders, 3% to employees, and 5% to a community reserve. It's important to note that both shareholder and employee allocations are subject to a two-year vesting schedule. CRV did not undergo a premine, and the gradual unlocking of tokens indicates that approximately 750 million tokens should be in circulation one year after the initial launch. The founder and CEO of Curve is Michael Egorov, a Russian scientist with diverse experience in cryptocurrency-related ventures. In 2015, he co-founded NuCypher, where he assumed the role of CTO. NuCypher is a cryptocurrency company focused on developing privacy-preserving infrastructure and protocols. Egorov is also the brain behind LoanCoin, a decentralized bank and loans network. Curve's core team is integrated into the CRV allocation structure, entitling them to receive tokens over a two-year vesting period as per the initial launch plan. In August 2020, Egorov acknowledged that he had "overreacted" by locking up a significant number of CRV tokens in response to yearn.finance's voting power, resulting in him obtaining 71% of governance control in the process. Technical Analysis: As we observe, the price is currently trading within a range bounded by the Fibonacci retracement levels of 78.6% and 95%. Notably, there is a potential support level at $0.15. For the anticipated bullish cycles, we have established three potential price targets: First Target Price (1TP): $6.75 Second Target Price (2TP): $8.5 Third Target Price (3TP): $11 It's worth noting that there are multiple resistance levels marked on the chart, corresponding to the Fibonacci retracement levels. Sentiment Analysis: Considering the possibility of depreciation in the total market capitalization of cryptocurrencies and the price of Bitcoin (BTC) in the upcoming months, it is reasonable to consider employing a Dollar Cost Averaging (DCA) strategy for long positions at the specified support levels and current Price.
Long
by BitonGroup
CRV: Falling WedgeTrade setup : Price has now broken below $0.50 support, which is where price previously found support in Nov and Dec 2022. It is oversold (RSI ~ 25) but overall trend is down so we prefer to wait for a breakout from Falling Wedge pattern, which would signal that buyers have absorbed all the supply from sellers and price is ready to resume an uptrend. Trend : Downtrend across all time horizons (Short- Medium- and Long-Term). Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing. Support and Resistance : Nearest Support Zone is $0.50, which it broke, then $0.40. The nearest Resistance Zone is $0.75 (previous support), then $1.00, and $1.25.
Long
by altFINS
CRVUSDT Presenting a Bullish Scenario? Curve Analysis Today💎CRVUSDT is presently navigating within a descending channel and making lower lows and lower highs on the 1D timeframe. 💎One critical point to notice is that it is positioned near a crucial support level, which aligns with the POC of VRVP. 💎 Just beneath, there's a pronounced demand zone and additional significant support that CRV could potentially approach for a retest. 💎 While there's a minimal likelihood that CRV may breach both these supports and persist in its decline, we're hopeful that CRV will emerge from this channel in the upcoming days. 💎Keep a lookout for further insights and relish your trading voyage with #MyCryptoParadise.
Long
by MyCryptoParadise_Nathan
CRV : Time to LET GO of a Sinking DEX?Hi Traders, Investors and Speculators of Charts📈📉 One of the most important lessons you can learn in life is when it's time to let go. This holds true, even for crypto. A recent hack caused a significant amount of damage to Curve Finance. As we thought the price of CRVUSDT couldn't possibly go any lower... CRV, Curve's native token, plummeted and is now nearly falling off my screen. On July 30, Curve Finance was hacked for over $73 million worth of crypto. The hacker exploited a reentrancy vulnerability in Curve's code to drain liquidity from multiple pools. (For Nerds): A reentrancy vulnerability is a type of exploit that occurs when a function calls another function, and the second function calls back to the first function. This can create a situation where the first function can call itself infinitely, which can lead to a denial-of-service attack or a financial exploit. In the case of the Curve Finance hack, the hacker exploited a reentrancy vulnerability in the code for Curve's stablecoin swap function. The swap function allows users to swap one stablecoin for another. The hacker exploited the vulnerability by calling the swap function multiple times, each time withdrawing more liquidity from the pool. This caused the pool to become depleted, and the hacker was able to steal the remaining funds. Reentrancy vulnerabilities are often found in smart contracts. Smart contracts are often used to automate financial transactions, and they are therefore often targets for hackers. The anon hacker has since returned over $61 million worth of the stolen funds, but the remaining $12 million worth of funds is still missing. AS YOU GUYS ALL KNOW, If you've been following me for a while , as soon as I see a > -95% drop in a coin's value WITHOUT a quick recovery... I can't help but lose faith. It's an obvious sign that the demand is lacking, the project has no real interest from the market. I feel sorry for the team; they've been around for a while and it's a well-know project. This hack was really the last thing that they needed. BUT, it happened and unless they can come up with great new way to add value to CRV, I won't be holding any more CRV. _______________________ 📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍 We thank you for your support ! CryptoCheck CRYPTOCAP:CRV BINANCE:CRVUSDT BINANCE:CRVUSDT.P BINANCE:CRVUSDT.P
Short
by CryptoCheck-
43
CRV: Approaching SupportCurve (CRV) technical analysis: Trade setup : Price was trading in a Channel Up pattern but broke out of it, bearishly, below the channel support trendline and below $0.75 support zone. Curve (CRV) is a well-established DEX used primarily for swapping of stablecoins. It suffered an exploit recently but there are signs of stabilization and recovery in its business. Price catered down to $0.50 support, where it’s found support so far, and with robust volumes. That’s also where price found support in Nov and Dec 2022, before it set off on a big rally. It’s a higher risk trade, since overall trend is down. Pattern : Price was trading in a Channel Up pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout. Trend : Downtrend across all time horizons (Short- Medium- and Long-Term). Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45). Support and Resistance : Nearest Support Zone is $0.50. The nearest Resistance Zone is $0.75 (previous support), then $1.00, and $1.25.
Long
by altFINS