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The CVX prices experienced a phenomenal increase in selling pressure at the $8 supply zone, resulting in a fall to the $5 mark.
Key Technical Points:
- The Convex Finance market price dropped by almost 40% last week.
- The price action fails to sustain above the 50-day EMA.
- With a market cap of $356 million, the intraday trading volume of Convex Finance has increased by 12% to reach $14.51 million.
Past Performance of CVX
The Convex Finance (CVX) price action shows a bearish reversal from the supply zone at $8 and fails to sustain above the $5 mark. The falling trend accounts for a 40% price drop last week, resulting in a drop to the psychological mark of $5. Currently, the price action displays a sideways trend with a bullish influence to retest the broken support level at $6. Source - Tradingview
CVX Technical Analysis
The CVX price action displays a lower price rejection in the daily candle with a 7.21% jump, increasing the possibility of a bullish reversal. Hence the chance of a downtrend continuation below the $76 support level increases. The bullish failure to sustain above the 50-day EMA sabotages the possibility of a bullish reversal in the EMA. The recent bear cycle reflects an increase in the underlying bearish sentiments evident by the drop in the daily-RSI slope. Moreover, the fast and slow lines drop below the zero line with a surge in negative histograms. Hence, the MACD indicator shows a bearish synergy with the RSI indicator. In a nutshell, the CVX technical analysis projects the technical indicator opposing the blush viewpoint of the price action analysis.
Upcoming Trend
CVX price action showcases a bullish attempt to regain the trend momentum near the $5 mark. If the bugging pressure increases, the uptrend may cross above $6 to test the overhead resistance of 50-day EMA close to $7. However, a drop below the $5 mark will result in a downtrend to $3.40. Resistance Levels: $6 and $8 Support Levels: $5 and $3.4