CRV price is showing signs of a bullish reversal after securing a listing on the popular U.S. trading platform Robinhood.

According to data from crypto.news, Curve DAO (CRV) rose nearly 8% to an intraday high of $0.82 before experiencing a cooldown and settling at $0.80 at press time. The token’s rebound comes after it hit a 2-month low at $0.72 during a downtrend that saw its price drop by over 30% from the August high.

CRV price rebounded after securing a listing on the popular U.S.-based trading app Robinhood and Robinhood Legend, its browser-based platform for advanced traders. A listing on such a popular exchange with over 25 million users increases the visibility of the token to potential investors and builds confidence among existing holders, both of which can support further gains.

Another major factor that has fueled the token’s gains is a new Curve DAO proposal aimed at generating additional revenue streams for the protocol and its ecosystem.

The proposal, introduced by Curve founder Michael Egorov in August, would see the creation of a $60 million crvUSD credit facility for its new Yield Basis system. Under the new system, CRV holders who stake their tokens on the Curve platform would receive vote-escrowed CRV (veCRV) tokens in return, allowing them to earn income while contributing to protocol governance. 

As of now, the proposal has received overwhelming support, with over 97% of votes in favor and five days remaining in the voting period.

Curve price analysis

On the daily chart, CRV has been forming a falling wedge pattern, characterized by its price action forming lower highs and lower lows, creating two trendlines that appear to converge since late July. A breakout from such a pattern is typically followed by a strong trend reversal in favor of bulls.

CRV price recently touched the upper trendline, supported by its recent bullish developments, a sign that bulls are potentially preparing for a breakout.

A look at the MACD indicator further confirms the possibility of a reversal. Notably, the MACD lines have formed a positive crossover with the signal line. Traders view the crossover a buy signal.

On top of that, the Chaikin Money Flow is now showing a positive reading as more capital and fresh money are entering the market.

Hence, CRV is likely to confirm a breakout from the falling wedge, with the next likely target for the token being the 61.8% Fibonacci retracement level at $0.95. A breakout from this point with strong volume would push the CRV token as high as $1.14, a level that stands 42% above its current price.

On the contrary, a breakdown from the lower trendline would invalidate the setup and likely lead to sustained losses as bears regain control.