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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
Source- 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
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