Curve DAO prices have soared more than 60% so far this week, reaching levels not seen since April 2023. CRV’s scrvUSD stablecoin has been launched on the Spectra ecosystem, attracting more investors to Curve DAO. On-chain metrics support the bullish outlook as CRV’s daily trading volume reaches record levels.
Curve DAO (CRV) rose more than 30% on Wednesday and is up 70% so far this week, reaching levels not seen since April 2023. On Tuesday, the announcement of the launch of CRV’s scrvUSD stablecoin in the Spectra ecosystem added fuel to the ongoing rally. With both CRV’s daily trading volume and staking amount increasing, technical outlook and on-chain metrics point to further gains ahead.
Curve DAO’s scrvUSD launches on Spectra
Curve DAO’s recently launched decentralized yield stablecoin, Savings-crvUSD (scrvUSD), went live in the Spectra ecosystem on Tuesday. scrvUSD provides investors with low-risk returns and helps scale the crvUSD stablecoin, attracting more investors to the Curve DAO ecosystem.
Apart from the stablecoin launch, on-chain metrics also support CRV’s bullish outlook. Total staking on CRV nearly doubled from $445.31 million on November 27 to $839.29 million on Wednesday, the highest level since June 2022, according to data from crypto intelligence tracker DefiLlama. Ta.
This increase in staking indicates that more investors are actively engaging with CRV's network, suggesting increased adoption.
CRV staking amount chart. Source: Defilama
Another aspect supporting the bullish outlook for the platform is the recent increase in trader interest and liquidity in CRV Chain. CRV's daily trading volume on Tuesday reached $1.6 billion, the highest since its founding in 2020, according to Artemis data.
CRV daily volume chart. Source: Artemis
Curve DAO Price Prediction: CRV eyes $1.50 mark
Curve DAO price broke above the downtrend line drawn by connecting multiple weekly highs from the end of July 2022. The uptrend expanded earlier this week, rising 70% by Wednesday and breaking through the 50% price retracement level of $0.88. (From a high of $1.58 in July 2022 to a low of $0.180 in August 2024).
If CRV prices continue to rise, the rally could widen by more than 40% and retest the July 2022 high of $1.58.
The relative strength index (RSI) on the weekly chart is 84, well above the overbought level of 70. Traders should be careful when increasing their long positions, as the likelihood of a decline in prices has increased. Still, the RSI is still on the upside, so it is likely that the rally will continue and the indicator will remain above the overbought level.
CRV/USDT weekly chart
