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CVX Technical Analysis: Growing Bullish Influence Plans Range Breakout

cryptoknowmics.com 05 July 2022 13:29, UTC
Reading time: ~2 m

CVX price shows the bullish momentum trapped with a consolidation range attempting to break above the overhead resistance.  Key technical points:

  • The CVX market price has jumped by 19.44% in the last 24 hours.
  • The growing bullish influence teases an upside breakout.
  • The 24-hour trading volume of Convex Finance is $28.45 Million, indicating a rise of 200%.

Past Performance of CVX

The long-coming downtrend in the CVX prices takes a lateral shift in trend after reaching the $3.43 mark. The downtrend also leads to the generation of a resistance trendline, keeping the bullish growth in check. However, the increasing bullish influence within the consolidation range teases a double bottom formation to break above the $5.45 resistance level and the bearish trendline. TradingView Chart Source- Tradingview

CVX Technical Analysis 

CVX price action Shows an increase in trading volume with the price jump supporting the theory of a bullish breakout. The breakout rally shows the potential to surpass the 50-day SMA line and reach the $9 resistance level. After recovering the bullish trend and sabotaging the minor bearish crossover, the MACD indicator shows the fast and slow line is approaching the zero line. Hence the indicator showcases an increase in the underlying bullish sentiment and promotes the idea of a bullish breakout. The RSI indicator showcases an increase in the underlying bullishness as a slope continues to grow from the oversold region to reach the halfway line. Moreover, the bullish divergence in a double bottom formation increases the likelihood of the trend line breakout. Hence the technical indicators maintain a bullish point of view and support the price action analysis. In a nutshell, the CVX price analysis showcases a remarkable increase in the underlying sentiments promoting bullish growth.

Upcoming Trend

If the buying pressure grows over the day, the CVX prices will surpass the resistance trendline leading to a breakout rally. Hence traders can expect the breakout rally to reach the overhead resistance at the $9 mark. Resistance Levels: $5.45 and $9 Support Levels: $3.40 and $3

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