Following the liquidation crisis of $CRV, six major investors have acquired a total of 55.26 million $CRV tokens, with an estimated value of $19.4 million. This significant activity has garnered attention within the cryptocurrency market. Notably, five out of the six investors are newcomers to the $CRV market, leading to a noticeable surge in first-time purchases over the past week. This trend reflects an increasing level of confidence among new investors in the potential recovery and long-term value of $CRV.
A recent tweet by Spot On Chain on June 19, 2024, highlights the accumulation of 55.26M $CRV (~$19.4M) by six whales during the post-liquidation crisis dip. It also notes that five of the six whales are first-time accumulators, which has contributed to the surge in first-time purchases of $CRV in the past week. Additionally, the tweet mentions that the price of $CRV has increased by approximately 14% in the last 24 hours, nearly returning to its pre-liquidation crisis levels.
Upon reviewing the current price of $CRV, it is evident that the price charts reveal a rising wedge pattern, which is typically a bearish reversal pattern indicating a potential downward breakout. This pattern often precedes a bearish breakout, and the price is approaching the apex of the wedge, suggesting an imminent breakout.
On the other hand, the Money Flow Index (MFI) currently stands at 49.83, indicating that the asset is neither overbought nor oversold. An MFI value rising above 50 would typically support a bullish scenario, but in the context of a rising wedge, it might signal overextended buying. 