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Curve DAO Price Prediction as CRV and CVX rebounds

Curve DAO Price Prediction as CRV and CVX rebounds

Last updated 11th Aug 2022
Disclosure
  • Curve Finance price has rallied in the past few days.
  • Demand for DeFi tokens has risen as investors buy the dips.

The Curve DAO price has bounced back in the past few days as investors buy the dip in DeFi tokens. The CRV token has risen to $0.9780, which is the highest it has been since June 11th of this year. It has surged by more than 80% from its lowest level this year. Similarly, Convex’s CVX price has jumped b over 90% from its YTD low.

What is Curve Finance and why is it rising?

Decentralized Finance (DeFi) is one of the most important use-cases for blockchain technology. Its idea is relatively simple. Instead of using centralized financial entities, people can use decentralized platforms that are backed by smart contract technology.

Curve Finance is one of the leading players in the DeFi industry. It is a popular automated market maker (AMM) that provides a good way to exchange tokens in an easy and cheaper way. It uses several chains like Ethereum, Polygon, Avalanche, Fantom, and Arbitrum.

Curve is similar to other AMMs like Uniswap, PancakeSwap, and Balancer. One of its top difference is that it only accommodates liquidity pools that are made up of similar assets. In most cases, these assets are usually stablecoins like USDC and USDT and wrapped coins like wBTC.

Curve Finance is known for the relatively lower fees that it charges its users. Most importantly, it also has lower slippage and impermanent loss. CRV is the native token for Curve DAO, which is responsible for promoting the governance of Curve Fi.

Learn more about how to buy Curve DAO token.

Curve Finance has a close relationship with Convex Finance whose native token is known as CVX. It is a platform that makes it possible for people to earn additional interest rewards in Curve. In other words, it offers boosted Curve staking.

The Curve Finance price is rising even as the total value locked remains under pressure, The platform has a TVL of over $5.12 billion, which is lower than its all-time high of over $22 billion.

Curve DAO price prediction

The hourly chart shows that the CRV price has been in a strong bullish trend in the past few days. It managed to move above the key resistance at $0.8722, which was the highest point on June 25th. The coin has risen above the 25-period and 50-period moving averages. It is also above the dots of the Parabolic SAR.

Therefore, there is a likelihood that the CVX and CRV prices will continue rising as bulls target the key resistance at $1.2.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.