CRV Price Set to Pull Back to $0.35 Before Breakout
CRV's price surge of 6.5% has left many investors wondering if it's time to cash in or wait for a potential pullback. According to Jessie A Ellis, CRV is currently overbought at $0.37 and is due for a flush to $0.35 before any real breakout.
The moving average stack underneath CRV shows a clean bullish structure, with price trading above the 7-day, 20-day, 50-day, and 200-day SMAs. However, this may be misleading as CRV has reached the upper Bollinger Band at $0.39, leaving little room for further growth.
RSI has crossed into overbought territory above 71, while the MACD histogram has printed dead flat at zero. This is a clear sign of distribution, with buyers holding positions that may have limited upside potential and significant downside risk.
The derivatives market also shows signs of distribution, with aggressive sell flow running higher than aggressive buy flow. Open interest dropped 17.37% in a single 24-hour window, indicating a meaningful flush of leveraged exposure getting closed or liquidated directly into the price spike.