A Bullish Pattern In Play Sets Convex Finance Coin To Surpass $8

Brian Bollinger
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CVX

February 2023 brought a correction phase in the majority of major cryptocurrencies. As a result, the Convex Finance coin turned down from the $7.1 resistance and tumbled 23.75% down to reach $5.5 support. However, this correction phase with a series of lower highs and lower lows is part of a well-known bullish continuation pattern called the ‘flag pattern’.

Key Points

  • The Convex finance coin will continue its correction up till the flag pattern is intact
  • The pattern’s resistance trendline breakout may set CVX price of a 28% jump
  • The intraday trading volume in the Convex Finance Token is $12.3 Million, indicating a 45.2% gain

Convex Finance CoinSource- Tradingview.

In theory, the flag pattern formation is a small break in an ongoing bullish trend, trying to recuperate the bullish momentum. After witnessing an aggressive rally in January, the February correction may replenish the bullish momentum in CRV price.

Today, the coin price witnessed a significant inflow and tried to breach the pattern’s resistance trendline. However, the higher price rejection attached to the daily candle indicates the sellers continue to defend the pattern’s resistance trendline.

Also read- Explained: What is Physical NFT? and How to Sell Physical Items as NFT

Therefore, if the selling pressure persists, the coin price may revert from the above trendline. 

However, concerning the higher possibility, the CVX price is bound to beat the overhead trendline. This breakout may offer entry opportunities to interested traders and signal the resumption of prior recovery.

The potential price rally may drive the  Convex Finance Coin price to the $10.5 mark

Technical Analysis

RSI: The daily RSI slope managed to hold above the midline despite the correction phase indicating the underlying bullish momentum is strong 

Bollinger band: the CVX coin back above the midline indicates the buyers still possess an upper hand.

Curve Finance coin intraday price levels

  • Spot price: $6.14
  • Trend: Bullish
  • Volatility: Medium
  • Resistance levels- $6.8 and 7.9
  • Support levels- $4.4 and $3.7
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am 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. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.