- Curve DAO token presented a path to recovery.
- The token has made healthy gains over the past week.
- Market analysts have a positive outlook on the altcoin market.
The recent increase in volatility in the cryptocurrency market has taken a toll on a variety of assets, with some making gains while others have seen significant declines. Among those negatively affected was Curve DAO (CRV), the native token of the Curve Finance DeFi protocol, which hit its lowest since the market crash in April due to its sensitivity to market trends.
After a long struggle to reverse its fortunes, the token resurfaced with significant gains, signaling its path to recovery.
CRV Rising: Will it Sustain?
According to CoinMarketCap Data from Friday, May 10th shows that the value of Curve DAO has been experiencing upward momentum over the past week and is currently trading around $0.452.
CRV’s current price is nearly 4% above the $0.43 resistance it has struggled with for over two weeks since plummeting to an all-time low in April 2024. Additionally, the underlying Curve Finance token is up 35% from its yearly low. The price reaches $0.331.
Despite this recent uptick, CRV has fallen significantly from its year-to-date high of $0.863, raising concerns about its sustainability and ability to recoup previous gains.
Curve DAO’s volatile performance reflects broader trends observed across altcoin markets.
Altcoin peaks and troughs: Where will they go next?
Over the past few weeks, most altcoins have struggled to maintain upward momentum, with some assets seeing significant declines.
Depending on the According to market analyst Rekt Capital, the initial excitement and value surge seen in altcoins during the first quarter of this year has come to an end, resulting in a continued regression seen across the market. Analysis shows that most assets began hitting their lows in early February, coinciding with the first quarter Bitcoin hype cycle.
Rect Capital said that if the same pattern is repeated in the second quarter of this year, altcoins could reach their lowest point again as early as mid-May, and selected late May to early June as a more likely period.
Offering a silver lining, the market analyst added that altcoin prices are expected to stabilize soon, which could bring about a turnaround in the ongoing recession.
Learn more about the aftermath of Curve DAO’s all-time low drop.
Crypto Crash Put Curve DAO CEO At Risk Of Liquidation.
Altcoin SUI continues its downward trend despite chain activity. Read more:
Recovery hopes were dashed as the SUI token fell below the $1 peg.