CVX Price Analysis: CVX Prices North March Aims For $9 Resistance
The Convex Finance (CVX) price started the new week with a decisive breakout from the $7 resistance. Following a three days retest, altcoin resumed the prevailing recovery, charging straight to the next supply region of the $9 mark. Can buyers knock out another resistance?
Key points:
- The ongoing recovery aims to 11% jump for hitting the $9 resistance
- The 20-and-50-day EMA is closing to bullish crossover.
- The intraday trading volume in the Convex Finance Token is $19.8 Million, indicating a 45.2% gain.
Source- Tradingview
The CVX/USDT technical chart shows a classic example of a double bottom pattern in work. Following June’s first-half bloodbath, the altcoin plunged to a $3.12 low around which the pattern formed its base support.
On July 5th, the CVX price showcased a massive breakout from the $5.15 neckline of a bullish reversal pattern. The post breakout rally drove the CVX price 61.8% higher to its current level of $8.2.
Thus, the ongoing recovery has breached several in-between resistance and, recently, the $7 mark. This breached resistance offered a stable footing for buyers to carry forward this rally.
The buyers showcased a 9.8% follow-up rally nearing the overhead supply zone of $9. The possible breakout would extend the recovery to higher chart levels.
On a contrary note, if an unexpected reversal breaches the $7 support, the CVX price may witness a significant retracement.
Technical analysis
MACD indicator: Since the CVX price rebounded from the $3.12 support zone, the fast and slow maintained a significant gap, indicating sustained buying in the market. These slopes recently jumped above the neutral zone, offering an additional confirmation for buyers.
Bollinger band indicator: the indicator bands turning upward suggest the buyers lead the current market action. Moreover, the midline provides dynamic support for the occasional pullbacks.
- Resistance levels- $9 and $11
- Support levels- $7 and $5.15
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