15th July2021 | ZebPay Trade-Desk
Curve is a decentralized exchange for stablecoins and uses Automated Market Makers to provide and manage liquidity on the platform. It was launched in January 2020 and has now become one of the largest decentralized exchanges since it witnessed phenomenal growth in the latter part of 2020.
In August last year, Curve introduced a decentralized autonomous organization (DAO), with CRV as its native token. The DAO is built on an Ethereum based tool, Aragon, which connects multiple smart contracts that enable users to deposit liquidity. As of June 2021, there are 39 active pools available for swapping between stablecoins and assets on the platform.
CRV after making the low of $1.057 surged almost 174% up to $2.9 The asset faced stiff resistance around $3mark and witnessed another fall. However, it did not test the previous lows and reversed from $1.216 and started moving upwards and rallied up to $2.099. Post this, CRV resisted around $2 and made a ‘Shooting Star’ pattern (Bearish Pattern) and witnessed another correction.
The asset has strong support at $1.35, if it sustains the support level then we can expect some relief rally, else we may see a further downfall, and the prices may slide to the next support level of $1.057.
This concludes on the Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!
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