Convex Finance Price Prediction: CVX Price Advances Toward $35.0 After testing One-Month High
CVX price shows remarkable gains on Saturday as the price jumped more than 10%. CVX tested one-month highs above $28.0. However, the price retraced modestly as buyers took a breather near the higher levels. But the underlying current is bullish as indicated by various technical indicators.
- CVX’s price smashed above $28.0 on Saturday with more than 10% gains.
- Bulls seek the next upside target at $35.0 amid sustained buying momentum.
- The momentum oscillators turn favorable for aggressive traders.
CVX price locks gains
CVX price sits comfortably above the vital 50-day EMA (Exponential Moving Average) at $22.98. The price flipped the critical support-turned-resistance level around $27.0. In addition to that, the CVX price completed a ‘Rounded’ bottom formation, which is a bullish reversal pattern on the daily charts.
Looking at the trading volume it can be inferred that buyers are confident or willing to carry forward the current price action.
On moving higher, the bulls will try to capture the first upside target at the psychological $30.0 level.
Furthermore, a sustained buying pressure would push the price toward the horizontal resistance level at $35.0.
On the flip side, a spike in sell order might drag the price lower with an eye on the 50-day EMA at $22.98. A daily close below this level will accelerate the selling toward the lows of March 22 at $20.05.
As of press time, CVX/USD trades at $26.93, up 10.26% for the day. The 24-hour trading volume stands at $55,631,785 as per the CoinMarketCap.
Technical indicators:
RSI: The daily Relative Strength Index smashed above the average line on March 14, and traded higher since then. The current reading is at 69 just near the overbought zone.
MACD: The Moving Average Convergence Divergence follows the footprint of RSI. The indicator holds above midline with a strong bullish bias.
Trading Volume: The Price Volume Trend, measures the buying or selling momentum showing an upward trend according to the rising price.
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
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.
