Will 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