Curve (CRV) Now on Breakout Watch After a Short Squeeze Pushes It to $1.00

• 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 f…

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