CRV is outperforming the broader cryptocurrency market after launching on the Celo network a few hours ago.
CRV, the native coin of the Curve Finance decentralised exchange, is up by more than 40% in the last 24 hours, making it the best performer amongst the top 100 cryptocurrencies by market cap.
The rally comes after Curve Finance launched on the Celo network. The Celo team announced a few hours ago that Curve Finance had partnered with Stake DAO and Stake Capital to launch on its network.
📢 @CurveFinance, in partnership with @StakeDAOHQ and @StakeCapital, has just deployed on Celo, promoting real-world adoption of crypto assets.
Why it matters: 🧵⬇️ pic.twitter.com/IDUiDbduDE
— Celo 🦇 🌳 (@Celo) November 22, 2022
Curve Finance’s users will be able to more easily transfer digital assets and move on- and off-chain via Wormhole’s Portal bridge.
This latest cryptocurrency news comes as the broader crypto market recovers from its recent slump. After a poor start to the week, the total crypto market cap is now above $800 billion once again, up by nearly 5% in the last 24 hours.
Bitcoin, the world’s leading cryptocurrency, has also bounced back after hitting a new two-year low yesterday. At press time, the price of Bitcoin stands at $16,500, up by more than 5% so far today.
Key levels to watch
The CRV/USD 4-hour chart has turned bullish as Curve Finance has been rallying over the past 24 hours. The technical indicators show that CRV is outperforming the broader market at the moment.
The MACD line crossed into the positive zone a few hours ago, thanks to Curve Finance’s ongoing rally. The 14-day relative strength index of 68 also shows that CRV could soon enter the overbought region if the rally continues.
At press time, CRV is trading at $0.6495. If the bulls continue to be in control, CRV could surge past the $0.7960 resistance level before the end of the day. In the event of an extended rally, CRV could hit the $0.9578 resistance level over the next few days.
However, the bears might regain control, and that could see CRV fight to defend the first major support level at $0.5885.