CRV becomes the most traded token among Ethereum whales but...
has continued to extend its upside despite being deeply overbought. It managed a 7.40% upside in the last 24 hours at press time, reflecting strong demand. This allowed it to extend its rally above the 200-day moving average.CRV traded at a 120% premium from its lowest price level at the end of December 2022. This makes it one of the top gainers among the major cryptocurrencies. However, CRV’s deeply overbought nature may encourage some selling pressure.
Both the MVRV ratio and the mean coin age are currently in the upper monthly range. This means CRV holders are deep in profit.This outcome is contrary to the expectations of a pullback. A potential reason for this is that investors, especially whales, are more focused on long-term gains. If the recent rally is the start of the next bull run, then the upside seen so far might just be the start of more recovery ahead. This might explain why whales are currently not in a rush to secure short-term profits.
Note that all this is speculative based on what we have seen so far. There are still some risks that may trigger a retracement and perhaps an erosion of the latest gains. Nevertheless, whales continue to demonstrate confidence in the market, and this may continue to favor the upside.Subscribe to get it daily in your inbox.
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