Convex Finance Price defends $3.00;Is the correction over in CVX?

• Convex Finance Price defended $3.00 and recovered 33% approx from the lows.
• CVX Price forming a double bottom bullish pattern.
• The CVX crypto price struggled to climb above the 50 day EMA.

Convex Finance Price defends the $3.00 level and takes a U-turn from the demand zone. It formed a double bottom pattern and recovered 33% approx from the lows. The recovery is still continuing and buyers are trying their best to rebound. 

CVX Price is struggling to climb above the 50 day EMA to turn the short term trend in the upward direction. Well the confirmation of the trend reversal will come and buyers will be able to break out of the $5.00 hurdle. 

Convex Finance Price is below the 200 day EMA showcase that the positional trend is still in a downward direction. Therefore, the short term up-move might face rejection due to the presence of strong sellers on higher levels. 

In the beginning of February, the Convex Finance Price faced rejection at $7.00 and entered into the correction phase. Slow and steady Prices continue to decline by forming lower lows swings and get stuck into the downward sloping channel. 

Buyers tried multiple times to trade above the 50 day EMA but got rejected. Sellers took every opportunity to build a short position and eroded the complete gains generated in January. 

Will the Convex Finance Price fly soon?

Convex Finance Price failed to perform well in the past few months which is quite disappointing for the investors. The recent pull back has created a hope for the trend reversal but the price is still inside the downward channel. 

Convex Finance is trading at $4.133 with an intraday rise of 0.19%. The 24 hour volume to market cap is 2.71%. If the buyers are able to break out of the downward channel and sustain the price above that then we might expect a rally. 

Whereas, if the price faces rejection the sellers will come forward to build fresh shorts. The technical analysis suggests CVX Price is in the initial phase of reversal and may reach $5.00 soon.

CVX Price takes U-turn from demand zone

CVX Price formed a bullish hammer candle on a weekly time frame and buyers are trying to give the follow up momentum. The Prices taken U-turn from the demand zone indicates responsive buyers are active and downside risk is limited. 

The MACD curve is rising upward and generating a positive crossover. The histogram bar is rising indicates bullish momentum may continue for some time. The RSI curve at 61 sloping upward denotes the strength of the bulls and more upside is possible.

Conclusion

Convex Finance Price showed a decent recovery from the lower levels and trying to come out from the downward channel. CVX Price halted the correction near the demand zone and buyers seem to be returning back to the track. 

Technical levels

Resistance levels: $5.500 and $6.272

Support levels: $3.500 and $3.000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.