Curve DAO (CRV) price is up 46% in the last 24 hours as a whale plot to short the altcoin failed, leading to a crunch. CRV is currently up 5% in a week and down 31% in a month as the short seller undermined its price for over a week before rallying over the last day.
The seller in question appears to be Avraham Eisenberg, the same individual responsible for the Mango Markets short-selling attack in October. However, there is now speculation as to whether Eisenberg's main objective was to short CRV or attack Aave, which appears to be short of cash to cover the short CRV positions he had opened.
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Curve Price Prediction as CRV Rises 40% in 24 Hours – Here's Where It's Headed Next
Looking at the CRV chart, its Relative Strength Index (purple) has spiked in the past few hours, indicating strong bullish momentum. However, its 30-day moving average (red) remains below its 200-day moving average (blue) and currently shows no signs of rising.
However, with both indicators remaining low, this could signal an imminent rally, which is supported by the previous day's sudden jump.
CRV's rally the day before is largely a compensation for last week's declines. On November 10, the price of CRV was around $0,713, but fell to $0,407171 yesterday, after Avraham Eisenberg (aka ponzishorter.eth) opened a large short position.
The simplest interpretation of CRV price action is that its community began buying the altcoin in an effort to create a short fit, which would force Eisenberg to buy more CRV as collateral to preserve his short position. This interpretation assumes that Eisenberg is just trying to shorten CRV and does nothing else.
In fact, this could be true, but some analysts have suggested that Eisenberg's real target is Aave, from whom he borrowed CRV and opened his position. Specifically, Eisenberg is aware that Aave lacks sufficient cash to buy out his short position in CRV, thus liquidating it.
According to analyst firm Arkham, Aave only has 20% of the cash needed to liquidate Eisenberg's short position. His view is that Aave's inability to buy back the position will hurt the DeFi platform, as it will have to sell other tokens (probably AAVE) to make up the shortfall.
However, AAVE is currently up 8% in the last 24 hours, which gives the lie to this theory. Furthermore, reports suggest that Eisenberg was still shorting CRVs yesterday.
Either way, it looks like there is some type of shorting taking place right now when it comes to CRV, so it is likely that it will continue to rise in the near term.
less complicated altcoins
While CRV's additional earning potential may be high at this point, some traders may prefer not to wade into the murky waters created by this apparent short attack (whether in fact in CRV or AAVE). As such, other altcoins may be more desirable, and pre-sale tokens are among the most profitable investments this year.
In fact, some pre-sale coins are up more than 1000% during their initial listing this year and while the market is still pretty dovish right now, the opportunity to invest early in a promising project seems to be motivating many traders.
In light of this, we have rounded up three coins that are holding their pre-sales right now, each benefiting from strong fundamentals.
Trade Dash 2 (D2T)
Built on the Ethereum blockchain, Dash 2 Trade is a trading intelligence platform where investors can access real-time analytics and social trading data to help them make more informed trading decisions.
Launched in Q2023 2, its native D6,8T token sale has already raised over $XNUMX million. It also announced listings on BitMart and the LBANK Exchange for early next year, confirming that investors will have the ability to earn real returns.
D2T tokens are currently selling for 0,0513 USDT, but will drop to 0,0533 USDT in the next stage of the sale.
Visit Dash 2 Trade Now
Robot Age (TARO)
Also based on Ethereum, RobotEra (TARO) is a sandbox-style metaverse where players can play as robots and help create their virtual world. Its alpha will be released in the first quarter of 2023, and its ecosystem will allow users to create their own NFT-based terrain, buildings, and other in-game items.
1 TARO currently sells for 0,020 USDT (it can be bought in USDT or ETH), although this price will drop to €0,025 during the second stage of its pre-sale, which should start soon.
Visit RobotEra now
IMPT is a carbon credit marketplace where users can earn and redeem NFT-based carbon offsets, which can also be earned by purchasing from a wide range of retail partners (all of whom support environmental initiatives). Its tokenization of carbon credits as NFTs means that these credits can be traced more transparently, helping to solve many of the problems that have plagued carbon markets thus far.
The IMPT pre-sale has now raised €13.1 million just weeks after its launch, making it one of the hottest sales in crypto right now.
Visit IMPT now