Will Convex Finance Coin Continue Its Bullish Rally For Coming Weeks?
A v-shaped bullish reversal from the $3 psychological support surged the Convex Finance coin 67% higher to reach the current price of $5.054. The bullish rally is currently challenging a monthly resistance of $5, offering further growth potential for coin holders. However, can buyers undermine the overhead supply pressure to reclaim higher prices?
Key points:
- The $5 resistance breakout may encourage the ongoing rally for a 20% jump
- A potential bullish crossover between the 20-and-50-day EMA would increase the possibility for uptrend continuation
- The intraday trading volume in the Convex Finance Token is $16.3 Million, indicating a 67.5% loss
Source- Tradingview.
During the recent recovery, the convex finance coin pierced multiple resistances, which offered suitable support for buyers to sustain higher levels. Moreover, this bullish rally, backed by evident growth in volume action, indicates a sustained recovery in CVX price.
On January 14, the coin price gave a bullish breakout from the resistance trendline of a falling wedge pattern. This bullish breakout from the. Six-month-long wedge pattern indicates an early sign of trend reversal.
However, On January 17th, CVX price showcased a failed attempt to break the monthly resistance of $5. The long wick rejection attached to the daily candle indicates the sellers are aggressively defending this level.
Also Read: Explained: What is Physical NFT? and How to Sell Physical Items as NFT
Therefore, a daily closing about the $5 resistance will accelerate the bullish momentum for further recovery. The post-breakout rally may drive prices 20% higher to hit the $6 mark.
However, if overhead selling pressure persists, the prices could remain below $5, which could increase the possibility of a bearish reversal.
Technical indicator
RSI: The daily RSI slope surged into the overbought region, indicating traders have overextended the buying activity. The indicator value of 85% accentuates that a price correction is needed to stabilize the bullish trend.
EMAs: during the potential retracement, the reclaimed EMAs ( 20, 50, and 100) would offer significant support to CVX price.
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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