Altcoins

Convex Finance Coin On A Winning Streak Aims 22% Rise; Enter Now?

CVX

Published 2 hours ago

Unlike the majority of major cryptocurrencies, the convex finance coin started its recovery rally a bit late, that is, from the second week of January. However, this altcoin made up for the lost time, as it witnessed a nearly perpendicular growth in the last ten days. This bullish reversal from the $3 psychological, psychological support surged the prices 64% to its current level of $4.9. Moreover, the buyers are currently trying to surpass the $5 barrier, which could encourage a further price rally

Key Points:

  • The Convex finance coin has been rising for ten consecutive days
  • A bullish breakout from the $5 resistance may drive the CVX price by 22%
  • The intraday trading volume in the Convex Finance Token is $12.3 Million, indicating a 45.2% gain

Convex Finance CoinSource- Tradingview.

The Convex finance coin breached multiple resistances during the recent recovery rally, one of which was the downsloping trendline of a falling wedge pattern. The altcoin wobbled within this bullish continuation pattern for the past five months before giving a bullish breakout on January 14th.

This bullish breakout accelerated the bullish momentum and assisted buyers in hitting the $5 psychological barrier. Moreover, the evident rise in volume activity defines a sustained rally, increasing the likelihood of prolonged recovery.

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Therefore, a daily candle closing above the $5 resistance will accelerate the bullish momentum and encourage an uptrend continuation to $6.

However, the higher price rejection attached to today’s daily candle indicates the exhaustion of bullish momentum. Therefore, if the CVX price remained below $5, it is more likely that it would witness a temporary pullback. This potential correction may revisit the $4.44 or $3.7 before resuming the price rally.  

Technical Analysis

RSI: The daily RSI slope skyrocketed into the overbought region, indicating aggressive selling in the market. Therefore a potential correction may stabilize the price trend before it continues to rise higher.

EMAs: the rising CVX price showed a sudden spike above crucial EMAs(20, 50, and 100), gaining additional support for a potential pullback.

Curve Finance Coin Intraday Price Levels

  • Spot price: $4.9
  • Trend: Bullish
  • Volatility: Medium
  • Resistance levels- $5 and $6
  • Support levels- $4.4 and $3.7

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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