CVX Price Analysis: Weekly Close Above $35 Will Ensure Move Up To $45

The CVX price shows a parabolic rally of 130% in the past three weeks. The bulls knocked out several significant resistance during the rally, such as $21.7, $30.3, and now $35. Moreover, earlier this week, we saw Convex Finance(CVX) coin listing on two crypto exchanges, i.e., Kraken and Bitstamp.

Key points:

CVX chart shows three consecutive green candles in the daily chart
The rising 50 and 100-day EMAs will soon cross above 200-day EMA
The intraday trading volume in the Curve Finance token was $611 Million, indicating a 44.2% gain

Source- Tradingview

On March 24th, the CVX buyers gave a bullish breakout from the $21.5 local resistance. Followed by three straight green candles, the altcoin hit the $30 physiological level, registering a 30% gain.

Earlier this week, the CVX price faced strong supply pressure from the overhead resistance, resulting in multiple high-tail rejection candles. Even so, sellers could not pull the price to a large extent, which allowed buyers to breach the $30 resistance and now $35.

Today, the coin shows an intraday of 5%, indicating the price is likely to give a weekly candle closing above $35. If the buyers succeed, the CVX traders could expect another 13% jump to the $40 mark, followed by $45.7.

Technical indicator

The rising 20-50-and-100-day EMA indicates the bulls are gradually gaining control over the coin. Moreover, the 50 and 100 EMA slopes are nearing a bullish crossover with 200 EMA, inviting more buyers into the market.

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The MACD indicator shows the fast and slow line moving higher in the bullish territory with no signs of weakness yet. The significant gap between these lines suggests a healthy bull run.

Resistance levels- $40, and $45
Support levels- $35 and $30

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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