Curve Dao Token (CRV) soars by 14% today: Here is why

• CRV is the best performer amongst the top 100 cryptocurrencies by market cap today.

• The rally comes as the broader cryptocurrency market continues its poor start to the week.

• CRV could rally toward the $1.2 resistance level in the near term.

Curve DAO Token outperforms the market

CRV, the native token of the Curve DAO ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap today. 

The rally comes thanks to the anticipation of Curve DAO launching its dollar-pegged stablecoin. The stablecoin is set to launch in June. Curve DAO revealed on Monday that an ongoing proposal would be required for crvUSD to function autonomously.

If the proposal passes, stablecoin pools will be able to supply pricing data to external protocols

Needless to say – this is required for crvUSD to function autonomously https://t.co/GFA5aXAjv0

— Curve Finance (@CurveFinance) February 13, 2023

This latest cryptocurrency news has seen CRV rally over the last 24 hours. At press time, the price of Curve DAO stands at $1.06, up by more than 14% in the last 24 hours.

The rally comes as the broader cryptocurrency market continues its poor performance this week. The total cryptocurrency market cap stands at $1.01 trillion, down by less than 1% in the last 24 hours.

Key levels to watch

The CRV/USD 4-hour chart has turned bullish as Curve DAO has been outperforming the broader cryptocurrency market over the last 24 hours. The technical indicators show that CRV is performing better than BTC and ETH at press time.

The MACD line recently crossed into the positive zone, indicating that CRV is currently bullish. The 14-day RSI of 64 also shows that CRV could soon enter the overbought region if the rally continues.

If the rally is sustained, CRV could surge past the first major resistance level at $1.18 before the end of the day. However, it would need the support of the broader cryptocurrency market to reach the $1.35 resistance level in the near term.

Where to buy Curve DAO Token now