Date: February 3, 2025 | 03:08 PM GMT
After making a brutal crash since yesterday, within the last hours, the cryptocurrency market is making a solid recovery, as the price of Bitcoin (BTC) reclaims $99K and Ethereum (ETH) surges to above $2,700 from their 24-hour lows of $91K and $2,100, respectively.
Following this, two altcoins, Curve DAO Token (CRV) and Oasis Network (ROSE), which went through a significant correction during this crash, have also surged by an impressive 6% and 5% in the last hour while holding their major support levels.
Curve DAO Token (CRV)
The weekly chart for CRV shows that the price has been consolidating within a three-year-long descending triangle pattern. The recent downtrend, which began on December 2, was triggered by a rejection from the upper resistance of the triangle at $1.31.
This decline brought CRV to a major support zone, hitting a low of $0.40. However, the price has managed to hold and is now trading around $0.54. Historically, this level has acted as a strong rebound zone, and if history repeats itself, CRV could see a bounce from this support, potentially leading to a breakout from the multi-year triangle.
Oasis (ROSE)
Similar to CRV, the weekly chart for Oasis (ROSE) shows that the price has been consolidating within a descending triangle pattern for the past three years. The recent downtrend, which started on December 2, followed a rejection from the upper resistance at $0.1426.
ROSE has now dropped to a critical support zone, reaching a low of $0.064. However, it has managed to hold and is currently trading around $0.046. This level has historically acted as a strong rebound zone, and if the pattern follows previous trends, ROSE could soon witness a bounce, potentially breaking out from the triangle.
Is a Bounceback Ahead?
At the moment, both CRV and ROSE are showing resilience at their major support levels. Their next moves will largely depend on Ethereum (ETH) and the overall crypto market sentiment. If ETH continues its recovery, it could provide the momentum needed for CRV and ROSE to confirm a breakout and start a new bullish trend.
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