- Curve DAO Token price surged to the highest point since November 9.
- The coin jumped after Curve moved to Celo.
The CRV price jumped to a high of $0.7370, which was the highest level since November 9. It has jumped by more than 53% from the lowest level this year. Its market cap has jumped to more than $329 million.
Curve DAO moves to Celo
Curve Finance is one of the leading players in the decentralized finance (DeFi) industry. It is an Ethereum-based decentralised exchange (DEX) that uses an automated market maker (AMM) model.
In Curve, users can swap tokens with minimum slippage in a permissionless and in an automated manner. Liquidity providers are incentivised to create pools and then deposit tokens. After this, each pool is made up of certain token pairs which are supported within the liquidity pool.
Curve Finance is able to solve the slippage challenge by using liquidity pools. The protocol connects users to various exchange markets with the goal of getting the best prices.
Curve Finance was initially launched on Ethereum, which is still its biggest market. In the past two years, it has expanded to other chains like Arbitrum, Polygon, Optimism, Avalanche, and Kava among others.
Data compiled by DeFi Llama shows that Curve Finance has a combined total value locked (TVL) of more than $4 billion. At its peak, the platform’s TVL was over $25 billion. $3.7 billion of these assets are in Ethereum.
Curve DAO Token (CRV) is the native token for the Curve ecosystem. It is mostly used for governance and for paying returns.
Find out how to buy Curve DAO Token.
CRV price is rising as investors cheer the latest deployment on Celo. Celo is a small but fast-growing layer-1 protocol for building web3 ecosystems. Celo is also known for its stablecoins like cUSD, cEUR, and cREAL. In a statement, CELO CEO said:
“Celo is unique through its mobile-first design with a diverse ecosystem and user base in regions where real-world crypto adoption is highest.”
Still, I believe the Celo launch is not a good catalyst for the Curve DAO token price. For one, Curve has dropped despite being on multiple chains. Also, it is unclear whether it will be successful in the network since Ethereum is the dominant chain.
Find out how to buy CELO.
Curve DAO Token price prediction
The daily chart shows that the CRV price went parabolic on Wednesday. It rose to a high of $0.7368, which was substantially higher than this month’s low of $0.4018. As it rose, it managed to move above the important resistance level at $0.5300, which was the lowest level on November 9.
Curve DAO Token moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved close to the overbought level. Therefore, the coin will likely resume the bearish trend as sellers target the key support at $0.5300.
