CVX Price Analysis: Reversal Pattern Breakout may Shoot CVX Price to $9
On July 5th, the Convex Finance (CVX) price triggered a double-bottom pattern breakout as buyers pierced the $5.55 neckline. Moreover, if the coin price shows sustainability above this resistance, the accelerated buying momentum will propel the recovery march to the $9 mark.
Key points:
- The CVX price showed a weekly gain of 64.72%
- The post-retest rally of double bottom breakout should surge CVX by 51.5%
- The intraday trading volume in the Convex Finance token is $15.2 Million, indicating an 81% loss
Source-Tradingview
During June’s first half, the CVX/USDT pair witnessed a significant sell-off which plunged it to a low of $3.12. The following recovery attempt couldn’t surpass the $5.55 resistance but managed to breach a six-week-old resistance trendline.
Furthermore, the intense selling pressure in late June extended the trendline retest and plummeted the CVX price back to the $3.4-$3.12 support zone. However, the replenished bullish momentum at this level indicated the traders continue to accumulate at this support, triggering another recovery rally.
Moreover, a dual bullish reversal from the $3.4 mark and a failure to breach the $5.55 resistance relieved the formation of a double bottom pattern. As a result, the recent price jump has surged 78.25%, amid which the buyers gave a massive breakout neckline resistance($5.55).
Furthermore, the CVR buyers validating its sustainability above $5.55 resistance for the past two days, preparing for further rally. Thus, if they succeed, the altcoin may soar 51.5% to the $9 mark.
Technical analysis
The ongoing recovery has poked the upper band of Bollinger band indicators, accentuating the aggressive buyers in a short period of time. Such an act may encourage a minor pullback or price consolidation before the prevailing trend resumption.
The fast-moving 20-day EMA, which provided constant resistance to CVX price since Mid-April, witnessed a decisive breakout on July 5th. This breached resistance should act as viable support for any potential pullback to bolster the bullish rally.
- Resistance levels- $9 and $11
- Support levels- $5.56 and $3.4
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