CRV resumes buying this week after witnessing a slight pullback last weekend

While its short-term bearish remains intact on the daily scale, it is footing an increase with an inverse head-and-shoulder pattern.

CRV witnessed a slight pullback last weekend, paving the way for renewed buying this week. While its short-term bearish remains intact on the daily scale, it is forming an inverse head-and-shoulder pattern.

This past month of trading has seen CRV through a temporal suspense in the short-term bearish as the price recovered steadily for three weeks. From the lows of March 24, the price is up more than 10%. This brought a substantial increase and is now looking strong daily.

At the same time, the cryptocurrency is forming an H&S – an inverse head-and-shoulder pattern on the daily chart. This classical pattern, typically used in technical analysis to predict price trends, suggests a reversal of the bearish trend. If the pattern comes into play, we can expect a new positive sentiment in the market.

Currently, the market bias remains bearish on the short-term scale. An increase above last week’s high should bring a complete formation of the right shoulder before breaking out of the neckline. While this may signal a slight shift, we can anticipate a major rally once it reaches the top.

In the opposite direction, the bulls may lose control if supply increases. Should that happen, the price may roll back to the recent low. A break from there may cause a catastrophic loss. But with the look of things, CRV appears set for a surge following over 10% recovery in a month.

CRV’s Key Levels To Watch

CRV currently eyes the $0.6 resistance level, tested last month. A surge above it should allow buying at $0.762, validating the bullish H&S pattern. Above this level lies the $0.92 resistance.

The latest surge is currently supported by $0.445. A fall below it could roll the price back to $0.347, with a potential breakdown to $0.27.

Key Resistance Levels: $0.6, $0.762, $0.92

Key Support Levels: $0.445, $0.347, $0.27