$CRV price briefly improved after DeFi traders stepped in to help reduce the liquidation risk of founder’s loans, but Curve is not out of the clear just yet.
The derivatives position of CRV traders suggests that the token may rally in the short term as a contrarian bet.
The funding rate for CRV perpetual swaps, which represents the relative demand for long or short positions, shows traders are actively shorting CRV as its funding rate fell to negative 0.1% for 8-hour intervals, per CoinglassIt raises the possibility of a short squeeze in the market, where short holders are forced to buy CRV as its price rallies.
The CRV/USD pair is trending near multi-year lows at around $0.50. If buyers are able to build support at this level, the price can rally in the short to medium term toward the horizontal resistance levels at $0.78 and $1.23.A long trade definitely comes with risks, as the hackers are still sitting on 7.1 million CRV tokens worth $4.5 million.
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