A $3.9 Million Short Squeeze Fuels a 28% CRV Rally
The post A $3.9 Million Short Squeeze Fuels a 28% CRV Rally appeared on BitcoinEthereumNews.com.
The Curve DAO Token (CRV) has surged nearly 28% in the last 24 hours, pushing toward the $1.00 mark The rally was fueled by a massive short squeeze that liquidated over $3.9 million in bearish derivative positions The token is now testing the key $1.00 psychological resistance level for a further breakout The price of the Curve DAO Token (CRV) has exploded by nearly 28% in the last 24 hours, a rally that was fueled by a massive short squeeze that wiped out $3.9 million in bearish bets. The move pushed the price from a low of $0.7853 to just under the key $1.00 psychological level, a mark it has not seen in months. The squeeze has ignited renewed interest in the DeFi token, with trading volume spiking alongside the price. A Look at the $3.9 Million Short Squeeze This latest surge appears to have been massively accelerated by a classic short squeeze. This happens when a rising price forces traders who were betting against the asset to rapidly buy back their positions to cover their losses, which in turn pushes the price up even faster. Related: Buy Curve Finance (CRV)? Analyst Sees ‘Perfect Retest’ as Entry Signal According to liquidation data from Coinanalyze, the past 24 hours saw $4.6 million in total leveraged positions wiped out. The vast majority of those, nearly $3.9 million, were short positions. This shows that many traders were caught completely off guard by the rapid price surge. The data indicates that the exchanges OKX and Binance recorded the bulk of these liquidations, each handling nearly $2 million in closed short positions. CRV’s Climb to the $1.00 Mark CRV has formed a strong uptrend, marked by a consistent pattern of higher highs and higher lows. The current price trend reflects growing market confidence, as the…
