The Curve DAO Token Price fell lowest since September 2021 amid the Ukraine crisis. The CVR token is also dropping as a market activity within the network continues. It is trading at $2.04, about 71% below its highest level in 2022.

Geopolitical tensions

Curve DAO is a popular Decentralized Finance (DeFi) platform that permits the swapping of stablecoins using automated market maker (AMM) and liquidity pools.

Initially, Curve Finance was built using Ethereum’s technology though it grew to other chains like Avalanche, Polygon, Fantom, and Harmony.

According to DeFi Llama, Curve Finance has a total value locked (TVL) of over $18 billion, declining for the past few months after its top in November to about $24 billion.

The main cause for the Curve Finance Token Price tumble is the Ukraine crisis. Early Thursday morning, President Vladimir Putin declared an invasion of Ukraine, thus provoking war.

Therefore, other financial assets have sharply fallen in the past 24 hours. For instance, Bitcoin dropped by more than 7%, while Ethereum crashed by 12%. Generally, Cryptocurrencies have crashed to about $1.65 trillion.

A similar pattern is evident across markets. Futures ties to the Dow jones have dropped by more than 600 points, while the Nasdaq 100 index has dropped by more than 340 points. The Hang Seng and Nikkei 225 have dropped by more than 3% in Asia, while the DAX and CAC 40 have retreated by over 2%.

Curve DAO Token Price Prediction

The daily chart shows that the CRV token price has been in a strong bearish trend in the past couple of months. Therefore, the coin has managed to move below the ascending trendline shown in blue. It has also moved below the 25-day and 50-day moving averages, while the MACD has moved below the neutral level.

Hence, the Curve DAO token may continue to drop as bears target the next key support level at $1.50.