Curve DAO Token (CRV) Gets Rejected, Continues to Decline

The Curve DAO token (CRV), an Ethereum token that powers Curve, has been rejected from both a diagonal and horizontal level while trading amidst anticipation of a bullish comeback. 

CRV has been on the list of top five losers of the day, dropping by 4.64% today alone. The token has been falling since January 2022, and the market anticipates that the decline will continue.  

The token is failing to attract buyers in a bigger volume than necessary as CRV continues to trade near its all-time low. So far, Curve’s prediction of CRV’s price reaching $1.81 remains untrue, as the token is trading in the horizontal range between $0.45 and $1.30. 

Curve, a decentralized exchange and automated market maker protocol, has not addressed its diagonal and vertical rejection or the continuous fall of the token on any platform yet. 

Curve DAO and CRV Turn Two Years Old

On its website, Curve explains that the main purpose of CRV is “to incentivise liquidity providers on the Curve Finance platform as well as getting as many users involved as possible in the governance of the protocol.” 

Curve describes CRV as a governance token with time-weighted voting and value accrual mechanisms.

On 14th August 2022, Curve Finance tweetedCurve DAO and CRV turns two years now! What a ride! As usually, on Aug 14th, CRV emissions just got reduced by 15%, and we are into a new epoch.”

Curve Struggles with $570,000 Hack

Just days ago, the company reported a malicious attack that affected the service’s nameserver and frontend, resulting in $570,000 worth of stolen funds. Curve had their DNS hijacked as the hacker put a malicious contract on the home page. When the victim approved the contract, it would drain the wallet. 

However, Binance was able to recover 83% or $450,000 from the hackers. 

On the Flipside

  • Experts think that the CRV trading trend cannot be considered bullish until the price breaks out. 

Why You Should Care

Going further, there is not enough data to predict if CRV will break out or get rejected again.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Akriti is a Zurich-based reporter, focused on the political, regulatory, and legislative developments around crypto. She is a business journalist with over six years of experience working as a correspondent for organizations like Channel NewsAsia and Bloomberg TV India. In that time, Akriti has covered news in the finance, pharma, and state sectors.