Claim BonusA Bullish Pattern In Play Sets Convex Finance Coin To Surpass $8
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
Source- 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
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.
Related Articles
- Will Bitcoin Crash Again as ‘Trump Insider’ Whale Dumps 6,599 BTC
- XRP News: Ripple’s RLUSD Gets Boost as CFTC Expands Approved Tokenized Collateral
- Crypto Markets Brace as Another Partial U.S. Government Shutdown Looms Next Week
- $40B Bitcoin Airdrop Error: Bithumb to Reimburse Customer Losses After BTC Crash To $55k
- ETH Price Fears Major Crash As Trend Research Deposits $1.8B Ethereum to Binance
- Cardano Price Prediction as Midnight Token Soars 15%
- Bitcoin and XRP Price Outlook Ahead of Crypto Market Bill Nearing Key Phase on Feb 10th
- Bitcoin Price Prediction as Funding Rate Tumbles Ahead of $2.1B Options Expiry
- Ethereum Price Outlook as Vitalik Buterin Sells $14 Million Worth of ETH: What’s Next for Ether?
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
