Curve DAO surges over 16% as DeFi demand returns – Can CRV reach THIS?

Curve DAO [CRV] is up more than 16% in the past 24 hours, turning its weekly change positive, around 9%. This comes as demand for the broader DeFi sector surges to provide liquidity for swaps.

Moreover, there was an increase in buying activity as daily trading volume increased by 174%, to about $122 million. Will CRV hold on to the current bullish market structure?

Is CRV’s market structure shift confirmed?

The current market structure confirms a trend shift with CRV sitting above the most recent higher high (HH). The HH is trading above a bottoming sideways market that bounced between $0.18 and $0.2877.

The upper resistance of the range at $0.2877 is reinforced as a key zone, as CRV bounced from the 20-day MA. The altcoin was trading above both the 20-day and 50-day MAs.

However, CRV needs to maintain this structure if bulls are to surpass this year’s peak of $0.44. Resistances at $0.3851 and $0.3976 from the MA Crosses may be short-term hurdles to this rally.

But the trend remains healthy, with corrections for each leg-up ending at the 50% Fibonacci Retracement level. CRV is trading above $0.36, 25% away from a new year-to-date (YTD) peak.

Still, traders should be wary of a correction if the CRV bulls do not hold the price above $0.345.