Convex Finance Price Analysis: CVX Price Rises By 40% In A Week; Can It Break Strong Resistance Ahead?
Last week’s recovery rally surged the Curve Finance (CVX) price by 40% from the $15 support. Today(March 23rd), the altcoin is up by 2% and teases a bullish breakout from the $22 resistance. However, the higher price rejection on the previous day’s candles undermines the buyers’ plans.
Key points:
- CVX price shows long-wick rejection at the $22 resistance
- The intraday trading volume in the Curve Finance token is $11.3 Million, indicating a 47% loss
Source- Tradingview
The February sell-off plunged Curve Finance (CVX) price to a $15 psychological level. Furthermore, the altcoin retested this bottom trice during the first two weeks of March, indicating buyers are aggressively defending this level.
CVX price bounced from $15 on March 14th, and a rally of five consecutive green candles soared the CVX price by 40%, hitting the $22 ceiling. A breakout and closing above this resistance would continue the bullish momentum, meeting the next supply zone at $30.
Although the March 21st candle surged with a significant volume spike, long-tail rejection attached to the daily candle, indicating the presence of intense supply.
If sellers revert the CVX price from $22 resistance, the traders can expect a range-bound rally with the upcoming target of $15 support.
Technical indicator
The 50 DMA moving near the $22 mark toughens the sellers’ defense at this resistance. On the other hand, the recently reclaimed 20 DMA could bolster buyers to sustain a bullish momentum.
The MACD indicator shows the fast and slow gradually rising towards neutral with the hope of bullish crossover. Entering the bullish territory will provide a significant confirmation for long traders.
- Resistance levels- $22, and $30
- Support levels- $17.3 and $15
- 21Shares Spot DOGE ETF Secures DTCC Listing as Expert Predicts Dogecoin Rally
- Just-In: WisdomTree Registers Top 20 Crypto Index Fund with XRP, Solana, Cardano
- Ripple Eyes Tokenization and Stablecoins in XRP Ledger Institutional DeFi Roadmap
- UK and US Announce Joint Task force to Boost Collaboration on Crypto Regulation
- Deutsche Bank Predicts Central Banks Could Adopt Bitcoin Alongside Gold by 2030
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
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.
