Dive into the recent Curve DAO Token (CRV) market trend
CRV token price declines by 9%, yet long-term investors find potential savings strategies
Ahoy there! Recently, Curve DAO Token (CRV) been caught in a tug-of-war between the giddy DEX spot traders and the long-lasting long-term investors.
DEX Spot Traders: Ready for a Drop?
In the past 24 hours, DEX spot traders and futures activity have taken a hostile approach towards CRV, with a whopping 9.43% loss. Roughly 300 traders paid a combined $26,000 to exit or short their positions, and the futures market is now brimming with short bets.
The negativity among DEX spot traders is reflected in CRV's Open Interest-Weighted Funding Rate, which has turned negative, indicating bearish sentiments. This could be a sign of intensified selling pressure - if it crosses fully into negative territory.
Long-term Investors: Baton in Hand for Recovery
But here's the catch! Despite the CRV bear market, long-term investors seem to be betting on the long-haul. In fact, our analysis reveals that the price drop could have been worse if not for some long-term investors accumulating and locking CRV for the long term.
Total Value Locked (TVL) surged by over $100 million, rising from $1.6 billion to $1.7 billion, and some participants even purchased $3.32 million worth of CRV for long-term holding, moving the assets into private wallets.
RECAP: Crunching numbers for a clearer picture
| Factor Group | Influence on CRV Price | Impacted By ||-----------------------------|---------------------------------------|---------------------------|| Short-term traders | Short-term losses, increased selling | DEX spot traders || Long-term investors | Stability, support against losses | Long-term investors |
Next Stop: CRV Recovery?
The current liquidation heat map shows liquidity clusters above the current price, which could attract the price towards them. These clusters stretch up to $0.75, indicating a strong possibility of the price moving in that direction.
Though a slight dip is possible, limited liquidity below this level hints at a price floor close to the current level for now.
Wishing you a profitable sail in the crypto world, keep your eyes peeled to the CRV market!
P.S. A shiny new stablecoin and savings products have been introduced on the Spectra ecosystem, attracting new investors, boosting trading volumes, and adding to market interest. Who knows what other surprises await us soon!
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- Despite the 9.43% loss in Curve DAO Token (CRV) over the past 24 hours due to hostility from DEX spot traders and futures activity, long-term investors seem to be betting on a recovery.
- Our analysis reveals that the price drop could have been worse if not for some long-term investors accumulating and locking CRV for the long term, as Total Value Locked (TVL) surged by over $100 million.
- The current liquidation heat map shows liquidity clusters above the current price, which could attract the price towards them, suggesting a strong possibility of the price moving towards $0.75.
- Though a slight dip is possible, limited liquidity below this level hints at a price floor close to the current level for now.
- As the latest crypto happenings unfold, subscribing to a daily newsletter can keep you informed, ensuring you're the first to know about upcoming events in the crypto market, such as the advent of new stablecoins and savings products on the Spectra ecosystem.
