NAIROBI (Coinchapter.com) – A Powerpool (CVP) breakout is imminent, predicted crypto analyst Cryptobull in a recent post on X, citing that it will be the next in line after another governance token recorded a huge price pump. In a separate post, the analyst shared a chart of CVP/USD price chart. On this chart, Cryptobull paints that the coin had formed a double bottom, leading him to anticipate the price to break $1.

Source. X.

“$CVP is on the cusp of a major breakout. This low-cap DeFi gem has been flying under the radar, but all the signs point to an imminent pump that could propel it to new heights,”

remarked @Cryptobull, a prominent crypto influencer.

Technical Analysis Highlights Key Movements in Powerpool’s CVP

Technical analysis of CVP/USD appears optimistic as it is currently priced at $0.613, showing a modest 4.83% increase over the past week. In addition, the Powerpool’s CVP token has seen a massive spike in trading volume to $7.5 Million, indicating a rise in investor interest and a potential price spike.

The Moving average convergence/divergence (MACD) confirms the positive market momentum for CVP /USD as it has crossed over the red signal line, indicating bulls are in control. Moreover, The Relative Strength Index (RSI) is currently at 79.85 in the overbought region, suggesting a solid bullish outlook for the CVP token.

The growth of similar DeFi tokens, such as AMP, serve as a testament to the potential that lies ahead for CVP. However, while past performance can guide expectations, investors must conduct due diligence, analyzing both technical patterns and the underlying fundamentals of any digital asset.

Furthermore, the Powerpool CVP token’s moderate market cap makes it a desirable option for investors looking to invest in coins with higher potential. In the past, altcoins have shown a tendency to price massive price pumps.

CVP is inching closer to breaking its key resistance, which could lead to a price of $1, according to Cryptobull. The upcoming Bitcoin halving, which will cut BTC mining rewards by half, might have a positive impact on the prices, as seen in the previous three halvings.

The post PowerPool (CVP) Poised for Breakthrough, Says Analyst appeared first on CoinChapter.

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Filed under: Bitcoin - @ March 13, 2024 10:59 pm