- Convex finance is currently trading at $6.12 with an increase of 4.7%.
- The 24 hour trading volume of CVX has increased by 20.75%.
- CVX price is trading above 20,50 and 100-day EMAs.
The convex finance price made a high at $7.25 level at the beginning of 2023. The price then melted down slowly by zone to zone breakout to $4.92 level where it made a support started to consolidate between the range of $4.92 and $5.92. The CVX price at the time of writing is breaking the consolidation zone.
CVX price has crossed the 20,50 and 100-day EMA indicating strong bullish momentum. The 4 hour candle has broken the consolidation zone and closed above the $5.92 level. The CVX price was in a downward channel making lower lows and lower highs. The CVX price recently broke the downward channel and did an impulse move to upwards. The major resistance for the price is $6.75 level which is also the high it made at the start of January 2023.
The social analysis of convex finance shows that in the past 7 days there have been 147 positive tweets, 352 neutral tweets and only 3 negative tweets, according to intotheblocks analysis indicating more bullish sentiment in the market. The market capitalization of Convex finance has increased by 6.53%.
Technical analysis of Convex Finance:
The RSI curve is headed towards the overbought zone and is currently at 66.28. The RSI curve has shown significant rise after price did a break out from the downward channel. An easy target for the price is $6.75 level which would lead to RSI reaching the overbought zone and investors might see a pullback to $6 level majorly for making a support. The RSI curve on the 4 hour basis has reached the overbought zone and is currently at 78.61 indicating a higher chance of pullback on the 4 hour basis.
The CVX price has reached above the upper band of bollinger and crossed it indicating strong pressure from bulls. The bands have opened up indicating high volatility in the market. On a 4 hour basis, the candle have started to turn bearish after reaching the upper band.
The +DI is currently above the -DI with an ADX of 11.08 indicating low trend strength even though CVX price is highly bullish. There is a chance of pullback considering ADX and Bollinger Band parameters. The ADX on a 4 hour basis is showing a strong bullish trend strength and is currently at 46.04.
Conclusion:
The CVX price is in a strong bullish momentum and investors can expect the price to reach $6.75 level if bullish momentum prevails. The market structure and price action has started to turn bearish on smaller time frames as price looks for pullback but the higher time frames are extremely bullish for Convex finance.
Technical levels:
Major support: $3 and $4.90.
Major resistance: $6.75 and $8.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.