The Convex Finance token has been consolidating in a confined range for more than a month. However, on December 23rd, the listing announcement of this token on the well-known crypto exchange ‘Binance’ brought a ton of new buyers into the market, resulting in a bullish breakout of this range. The crypto trades can grab a good long opportunity if the price sustains this breakout.
Convex/CVX/USD 12-hour Time Frame Chart
Source-Tradingview
Past Performance or Trend
The CVX token showed a phenomenal rally in October, providing a New-All Time High of the $38.6 mark. However, November brought a minor correction in this token which plunged the token near the $21 support. Since then, the pair resonated between these definite levels forming a range-bound rally.
The RSI Rally Support The Rising Momentum Of CVX Buyers
A consolidating range is usually a resting period for the price where it tries to stabilize the previous rally and prepare for a new one. Once the price gives a proper breakout from either for its extreme levels the price is expected to rally in that direction.
Thus, On December 23rd, the token price provided a decisive breakout from the overhead resistance of $38.6, with the support of massive trading volume. Later the price pulled back to check for sufficient support from this new support.
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So far, the pair has shown good sustainability above this level, and the long traders can maintain bullish sentiment until the price holds above the $38.6 mark.
By the press time, the Convex Finance token is trading at 43.5, with an intraday gain of 5.37%. The 24hr volume change is $34.7 Million, indicating a 31.12% hike. According to Coinmarketcap, the token stands at 207th rank with its current market cap of $1.91 billion(+7.6).
Technical Indicators
- -The Relative Strength Index(53) of the 12-hour time chart frame shows a steady upward rally, approaching the overbought territory.
- -The CVX token maintains a bullish sequence among the crucial EMA levels(20, 50, 100, and 200). Moreover, the 20 EMA offers strong support to the token price
- -The traditional pivot shows remarkable confluence with the known chart levels. According to these pivot levels, the crypto traders can expect the nearest resistance at $50.4 followed by $59.2. As for the opposite end, the support levels are $40 and $31.9.
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