Curve DAO is Going to Zero as CRV Price Keeps Falling with $100 Million Volume and XRP20 Just Raised $350,000 – Time to Buy?
As crypto markets process the aftermath of the Curve DAO (CRV) exploit, price action has become dominated by downside momentum leaving desperate CRV bag-holders asking: Is Curve DAO going to zero?
The tumultuous price action comes following a smart contract exploit manipulated on July 30, resulting in more than $60m in assets being stolen and a -30% collapse in CRV price.
Worse still, the crypto heist has put pressure on Curve DAO founder Michael Egorov, who had more than $60m in stablecoins owned on Aave.
Yet, while Egorov's close friends such as Justin Sun (TRON Founder) and Jun Du (Huobi Founder) scramble to buy CRV to help reduce Curve's exposure to Aave, many are wondering whether all could be over for the leading DeFi project.
While Egorov races to cover his stablecoin debts, CRV is trading low at a current price of $0.57 (a 24-hour change of -0.67%).
This comes amid desperate technical structure for the leading DeFi project, which has been mounting an attempted consolidation at lower trendline support for the past four days.
Having endured almost -35% losses over the past two weeks, CRV holders are looking for relief.
Yet, the lack of technical supports following the critical loss of moving average levels leaves CRV with few anchors in the chart, suggesting price action could face consolidation until the 20DMA (currently at $0.71) descends to a suitably low level to target.
There could be signs of hope on the horizon, CRV's consolidation attempt stands just above a major support level at $0.50 - which served as the launchpad for CRV's recovery rally (+160%) in Spring 2023.
Indicators also provide some comfort to CRV holders, none more so than the RSI, which is now stood with bullish oversold divergence at 29.65 - a strong
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