Altcoin selection is very important for institutional investors. Because they expect a significant amount of profit. Therefore, they do not invest in every cryptocurrency. This move draws attention when they invest in a cryptocurrency. Because these moves make a sound in the field. On the other hand, most investors follow institutional investors. According to him, he decides his own move. Now there is a new development. Accordingly, institutional investors are on the offensive for an altcoin. Let’s have a look at the details.
Institutional investors for altcoin attacked
Popular cryptocurrency platform Lookonchain shared an important development with the cryptocurrency community today. Accordingly, it has identified a notable trend among institutional investors involving the purchase of altcoin Curve DAO (CRV) tokens. Lookonchain states that the four newly created addresses recently purchased the altcoin CRV. He also reported that this also indicates potential institutional involvement in the altcoin. These wallets have withdrawn a total of 10.2 million CRVs from Binance over the past week, equivalent to $8.12 million.
Accordingly, this clearly indicates institutional interest in altcoin CRV. On the other hand, Lookonchain’s findings also point to the presence of institutional investors in the CRV market. The emergence of these four newly created wallets holding only the altcoin CRV has a special meaning. These situations point to the significant interest of institutional players. This increased interest means a positive outlook for CRV.
CRV price performance
Since the beginning of 2023, the price of altcoin CRV has been on an upward trajectory with Bitcoin’s rally. Initially valued at $0.51 in January 2023, CRV experienced a remarkable 150% increase to a peak of $1.30. It is currently trading at $0.794. Altcoin Curve DAO price is up about 1.11% in a week and 18.17% in a month. Also, the Curve DAO price has increased by approximately 18.42% in the last six months and 51.05% to date, highlighting the successful performance of CRV crypto to date in 2023.
Technical indicators are showing that the CRV price is falling. The relative strength index showcases the downtrend momentum for the Curve DAO. The RSI was at 56 and is moving towards neutrality towards the oversold zone. cryptocoin.com Looking at it as a whole, MACD exhibits the consolidation phase of altcoin CRV within the rising wedge pattern. The MACD line is trying to stay above the signal line. Altcoin Curve DAO traders should wait for any direction changes on the daily timeframe chart.
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