CRV Price Update: A 26% Dip from December Highs – Where to Next?

• Curve Finance founder Michael Egorov swaps $471,000 for 913,489 CRV tokens at $0.516 each.
• Egorov deposits $14.5 million worth of CRV into Binance, shortly before 26% price drop
• CRV/USD faces oversold conditions with potential for a rebound, but MACD signals ongoing selling pressure and a bearish trend.

Michael Egorov, the founder of Curve Finance, has recently been spotted making some large transactions. Egorov exchanged 15.9 million T tokens and 24 ETH for 913,489 CRV tokens, equivalent to approximately $471,000. This exchange was executed at an average price of $0.516 per CRV.

Current Holdings

Despite this trade, Egorov’s portfolio remains diverse. He retains 9.762 million T tokens, valued at around $267,000. Observers speculate that he may continue to increase his CRV holdings. This anticipation builds upon Egorov’s known investment patterns and the current dynamics of the cryptocurrency market.

Furthermore, Egorov’s recent activities include a significant deposit of 23.5 million CRV, worth about $14.5 million, into Binance. This transaction occurred between December 22 and 27, 2023, with the CRV price averaging $0.619. However, since December 29, 2023, CRV’s value has experienced a downturn, falling approximately 26% over the last 14 days. This decline in value is noteworthy, considering the substantial volume involved in Egorov’s recent transactions.

CRV/USD Technical Analysis

Concurrently, the CRV market has had a negative trend in the last 24 hours, with prices falling from an intra-day high of $0.5754 to a low of $0.5311, where support was found. The CRV price was $0.515 at press time, a 6.91% decrease from the 24-hour high.

During the decline CRV’s market capitalization fell by 7.08% to $549,087,776, while 24-hour trading volume increased by 64.33% to $55,046,924. This spike shows that traders are closely monitoring the market, with some taking advantage of the cheaper pricing to purchase CRV tokens.

The Relative Strength Index (RSI) on the CRV/USDT price chart is falling below its signal line with a rating of 34.21, indicating that the CRV/USDT pair is moving into oversold territory. This pattern suggests that a price rebound is possible soon. 

This potential rebound could be aided by the CRV/USDT support level of $0.515, which could attract buyers and generate upward momentum. Furthermore, the increase in trading volume implies increased market activity, lending credence to the possibility of a price comeback.

However, the Moving Average Convergence Divergence (MACD) trend in the negative region with a rating of -0.0217 implies that the CRVUSD pair is still under selling pressure. This could imply that the oversold condition would persist until a potential price rebound emerges. Furthermore, expanding red bars on the MACD histogram implies a strengthening bearish trend, which might thwart any potential price rebound for CRV tokens soon.