• Curve Dao Token (CRV) is the best performing cryptocurrency amongst the top 100 by market cap today, as it rallies 14%.
• The rally comes in anticipation of Curve DAO launching its dollar-pegged stablecoin in June.
• Technical indicators suggest that if the rally is sustained, CRV could surge past the first major resistance level at $1.18 before the end of the day.
Curve Dao Token (CRV) Rallies By 14%
Curve Dao Token (CRV) is the best performing cryptocurrency amongst the top 100 by market cap today, as it rallies 14%. This comes as the broader cryptocurrency market continues its poor start to the week.
Anticipation of Curve DAO’s Dollar-Pegged Stablecoin Launch
The rally comes thanks to the anticipation of Curve DAO launching its dollar-pegged stablecoin in June. Recently, Curve DAO revealed that an ongoing proposal would be required for crvUSD to function autonomously.
Technical Indicators Point To Further Gains
The technical indicators show that CRV is performing better than BTC and ETH at press time. The MACD line recently crossed into the positive zone, indicating that CRV is currently bullish. The 14-day RSI of 64 also shows that CRV could soon enter the overbought region if the rally continues.
Resistance Levels To Watch
If the rally is sustained, CRV could surge past its first major resistance level at $1.18 before the end of day. However, it would need support from other cryptocurrencies to reach its next resistance level at $1.35 in near future.
