NewsletterWill Convex Finance Price Rally Hit Its Target $5.7 Mark?
The Convex Finance (CVX) price stands at the neckline resistance($6) of an inverted head and shoulder pattern. A bullish breakout from this resistance offset the ongoing consolidation and bolstered a new recovery rally for CVX. Will buyers breach the $6, or will sellers continue to have the upper hand?
Key points:
- The bullish breakout from the $6 resistance would accelerate the bullish momentum
- The 20-and-50-day EMAs are on the verge of a bullish crossover.
- The intraday trading volume in the Convex Finance Token is $132.25 Million, indicating a 155% gain.
Source- Tradingview
The past three months’ consolidation in Curve finance coin prices has shaped into an inverted head and shoulder pattern. This bullish pattern projects a switch in market trend and offers a long entry opportunity upon breaking its key resistance level.
For the CVX price, the $6 has acted as the crucial(neckline) resistance limiting the bullish growth over the last few months. However, as the crypto market witnessed improvement since last weekend, the CVX price rebounded from the $4.9 support and jumped 20% higher to reach its current price of $5.8.
As per the technical setup, the Convex finance coin price should surge 15% higher to surpass the $6.7 resistance.is bullish rally, backed by rising volume, reflects buyers’ confidence for the $6 breakout. Thus, a daily candle closing above the neckline will trigger the bullish pattern.
However, the sellers will have an upper until the prices remain under the $6 resistance. In addition, a possible reversal from this resistance will offset the bullish pattern.
Technical analysis
MACD indicator: the multiple crossovers between the MACD and signal lines accentuate the ongoing consolidation phase. However, these lines jumped above the neutral line, giving an extra edge to bulls.
Bollinger band indicator: the coin moving higher above the indicator’s midline reflects the buyers controlling the current price action.
Curve Finance Price Intraday Levels
- Spot rate: $5.8
- Trend: Bullish
- Volatility: High
- Resistance level- $6 and $6.7
- Support level- $0.47 and $4.44
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- BlackRock Bitcoin ETF’s Biggest Outflow Ever Sparks Panic, But Kiyosaki Stays Bullish
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop 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.
Premium Partners
