DeFi Token CRV Tanks 30% as Curve Finance Founder Gets Liquidated
- Curve Finance Founder's Liquidation: Michael Egorov, founder of Curve Finance, faces liquidation with over 111 million CRV tokens in collateral and $20 million in debt across four DeFi platforms.
- CRV Price Decline: CRV token prices have fallen by 45% since June 7, leading to pressure on those using it as collateral for DeFi loans, including Egorov.
- Soft Liquidations Response: Egorov mentioned that 'soft liquidations' worked well after a $20 million hack, allowing time for liquidators to prepare funds and OTC-liquidate the hacker’s position.
- Debt Position Concerns: Industry experts warn about the impact of Egorov's large debt position on the DeFi sector, anticipating pullbacks and observing increased CRV balances on exchanges.
- DeFi Fallout: CRV prices dropped by 33% in late trading on June 12, now down 98% from its all-time high. Other DeFi tokens are also experiencing losses, while Bitcoin and Ethereum show little movement.
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Technical Analysis for DEFI
Technical Sentiment Analysis for DeFi (DEFI) As of , DeFi (DEFI) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for DEFI stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, DEFI is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
DeFi (DEFI) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.000204 | 0.000249 | 0.000293 | 0.000338 | 0.000382 | 0.000427 | 0.000471 |
| Fibonacci | 0.000249 | 0.000283 | 0.000304 | 0.000338 | 0.000372 | 0.000393 | 0.000427 |
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