CONVEX FINANCE PRICE ANALYSIS : WILL CVX REACH $4.8 IN 2023?

• CVX is moving under a falling channel.
• It is currently trading at $2.94 with an increase of 2.29% in the last 24 hours.
• The token is down by 95.32% from its all-time high.

The price of the token has marked the year high of $7.2 on 2nd Feb 2023. After that the price has been in a downfall since the mid of july from where the price is falling under a falling channel pattern.

Presently, the price took support from the bottom of the falling wedge or the support level of $2.3 from where the price got reversed in an upside move and crossed above the resistance of $2.7 which will now act as a support for the price.

The token is currently trading with a surge in trading volume by 100% in the last 24 hours.

The token recorded its all-time high on 1st Jan 2022 where a single token of CVX was priced at $62.69.

1. The present market capitalization of the token is $236.34M.
2. The token has a circulating supply of 80.67M CVX which is 80.67% of its total supply.
3. The 24-hour volume of the token is $8.17M.

SENTIMENT ANALYSIS : 

The market volume of the token has slightly decreased by 0.61% in the last 1 week. The total bullish sentiments have a rise of 50.78% and the total social engagements of the token have surged by 216.3%. The overall sentiments are indicating a positive sign for the price action and only the volume has to grow which is on the negative side for the price to move upside.

TECHNICAL ANALYSIS ( DAILY – 1D ) : 

As we can see in the chart, The price is currently trading very near to the top of the falling wedge and the price has also crossed the last lower low. The volume is rising and the price is making a green candle and if the volume keeps on increasing we will get a breakout from the top of the falling channel and the price will become bullish. Also, If we get rejected from the top of the falling wedge the price can fall to the support level of $2.7 or further to the support of $2.3.

The price is currently above the 20-day EMA and has recently also crossed above the 50-day EMA and if the price breaks the resistance of $3.7 then it will also cross above the 100-day EMA and the price will become bullish for a short term time period. 

Relative Strength Index (RSI)

The line of RSI is currently moving at 63.38 points and the SMA 14 line is moving at 47.05 points. The RSI is presently moving above the neutral level 50 and the RSI will soon enter the overbought zone which indicates immense buying from where if the volume keeps on increasing the price will shoot up continuing the bullish move.

Moving Average Convergence/Divergence (MACD)

In MACD, The fast blue line moving average is moving above the red slow line moving average and also both the moving averages are above the average 0 which shows that the token is currently under a bullish action. The volume in the histogram is also showing a significant increase which indicates a bullish price action upcoming . If the volume in the histogram decreases then the price may start falling.

CVX LIVE CHART : 

CONCLUSION : 

If the price breaks above the falling channel successfully and also breaks the $3.37 resistance then we can easily reach $4.2 and $4.8 further, if we break the resistance of $4.2. In an opposite scenario, If the price breaks above the falling channel and gets rejected from the resistance of $3.37 then the price will start a bearish move and can fall to the level of $2.7 again.

TECHNICAL LEVELS : 

SUPPORT : $2.3 AND $2.7

RESISTANCE : $3.3, $4.2 AND $4.8

Disclaimer

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