- The Convex Finance token gave a bullish breakout several days before the triple top formation.
- In terms of the hourly price chart, the Convex Finance token is trading above key moving averages such as the 20,50,100, and 200 EMAs.
- The CVX token with the bitcoin pair is present at 0.0007645 Satoshis, giving 8.5% support to the bulls.
After stabilizing above the 2022 lows, the convex finance coin has now broken away from the critical $30 resistance level. The CVX cryptocurrency’s daily price chart (shown below) saw a triple top from 22-January to 15-February, and the crypto price has followed an all-time high since the high-low form.
The price action of the Convex Finance token has been rising higher since its 2022 lows and has recovered around 135% of its cost so far. Price action suggests higher-highs formation on lower price charts such as 4-hours and below. At the time of writing, the CVX token is trading at $35.7, up 8.7%. Furthermore, the CVX token with the bitcoin pair is present at 0.0007645 Satoshis, giving 8.5% support to the bulls.
The CVX coin is now trading above a critical resistance level; on the other side, $15 is a typical example of a support level. The CVX token, on the other hand, has increased in trade volume by about 47% in the previous 24 hours. In the meantime, the volume-to-market-capitalization ratio is 0.02898.
With CVX token, get ready to experience all-time highs again
On the daily price chart, CVX Coin is trading above the 20-day EMA. Similarly, the hourly price chart is remaining above the 20,50,100, and 200 EMAs.
On the hourly price chart as well as the daily time frame, the RSI is trading bullish above the semi-line (50-point) and is approaching overbought territory. Furthermore, the Average Directional Index (ADX) is 38 points, indicating that the Convex Finance coin is strengthening.
Conclusion
The Convex Finance token has recently broken above the crucial resistance level, and bulls are well on their way to retaining it above it. The upcoming week may offer buyers an opportunity to reach new highs.
Support levels – $30 and $24
Resistance level – $45 and $50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.