Following the $CRV liquidation crisis, a group of six whales has managed to accumulate a total of 55.26 million $CRV tokens, which equates to approximately $19.4 million. This noteworthy activity has generated a buzz in the cryptocurrency market. Interestingly, out of these six whales, five are acquiring $CRV for the first time, leading to a notable increase in first-time purchases over the past week. This trend reflects a growing sense of confidence among new investors in the potential recovery and long-term value of $CRV.
In a tweet by Spot On Chain on June 19, 2024, it was revealed that six whales had amassed 55.26 million $CRV tokens (~$19.4 million) during the dip post-$CRV liquidation crisis. Additionally, five out of the six whales are first-time accumulators, contributing to a surge in first-time purchases of $CRV in the previous week. The price of $CRV has surged by approximately 14% in the last 24 hours, nearly returning to its levels before the liquidation crisis, indicating a positive shift in market sentiment.
Examining the CRV price charts, a rising wedge pattern is evident, which is typically a bearish reversal pattern signaling a potential downward breakout. This pattern often precedes a bearish breakout, and the price is approaching the apex of the wedge, hinting at an imminent breakout.
On the other hand, the Money Flow Index (MFI) currently stands at 49.83, indicating that the asset is not overbought or oversold. An MFI value surpassing 50 typically supports a bullish scenario, but in the context of a rising wedge, it could indicate excessive buying pressure.
