CVX Coin Price Prediction: Will the Price Close Above $3.275?

• The CVX coin price is currently trading at $3.150
• The coin chart is reflecting bullish sentiment over the price.

Convex Finance (CVX) is a decentralized finance (DeFi) protocol. It allows Curve liquidity providers to earn a share of the trading fees on Curve without staking liquidity there. 

CVX Coin: Technical Analysis

On the 1-day chart, the price has been falling since it created its year-high of $7.253. Since then the coin price has faced a decline of more than 65%. 

The CVX coin price is currently at $3.150 with a current trading volume of $3,697,429. The coin has a market capitalization of $25,526,251. The token has a circulating supply of 80,817,400 CVX coins and a maximum supply of 100,000,000 CVX coins.

Recently, the coin price has given the breakout of the trendline and is commencing a bullish rally. The price is moving in the upward direction by forming a pattern of higher highs. Currently, the price is rallying toward its $3.275 resistance level.

The price could face rejection from there as the price has been in an uptrend for a very long period of time. Consequently, a profit booking scenario could occur which will make the price fall. 

As long as the price is sustained above the $2.831 support level, the buyers’ control over the price can be seen. If the price gives a breakout of the $3.275 resistance level, it could to its next resistance at $4.150.

However, for the price to retain its bearish momentum, it must give a breakdown of the $2.831 level, after which the price can be seen falling to its $2.295 support level. 

Technical Indicators on the Current Trend

The CVX price is trading in between the 50 and 100 EMA. The price has recently given the breakout of the 50 EMA and is moving toward testing the 100 EMA. This indicates that the buyers’ control over the price is more than the sellers. If the price closes above the 50 EMA, then the buyers will have full control.

The relative strength index (RSI) is above the 50 level which indicates that the price ahs bullish sentiment. However, the RSI is heading toward the overbought territory which indicates that the price is due for a pullback. If the RSI line goes into the overbought territory, a short-term fall in the price will be seen in the future.

Conclusion

The CVX price is moving with bullish momentum as the price has given the breakout of the trendline and has initiated a bullish rally. Currently, the price is just trading below its resistance level of $3.275. If the price closes above this level, it could be seen continuing its bullish rally to the $4.150 resistance level. As long as the price is trading above the $2.831 support level, the bullish sentiment will remain. However, if the price breaks below this level, then it would fall to its support at $2.295.

The price action and the technical indicators mentioned above are indicating bullish sentiments, but they are also pointing towards a short-term pullback in the price.

Technical levels

Resistance Levels: $3.275 and $4.150.

Support Levels: $2.831 and $2.295.

Disclaimer

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