- The CVX price has surpassed 200-day EMA and rose by 50% in just two weeks.
- Convex Finance crypto’s price is trading at $5.045 with an intraday gain of 1.49%.
Convex Finance (CVX) price has been bullish, surpassing the resistance of the $4 level with a strong buying candlestick. The price has risen over the 200-day moving average and is up by 48%, indicating buying pressure.
The CVX crypto price reached the $5 mark a week ago but could not surpass it, so it started consolidating. Two days ago, the CVX price rose by 15.95%, but sellers dragged the price down below the $5 level.
Current Price – $5.04 Price Prediction – $4.71 (-6.48%)
Market cap – $473.41 million Fear & Greed Index – 80 (Extreme Greed)
Volume – $11.42 million Green Days – 18/30 (60%)
Sentiment – Bullish 200-day EMA – $3.54
Volatility – 21.30% RSI – 73.77
According to our technical analysis, the Convex Finance price is forecasted to drop 6.48% to reach $4.71 by March 06, 2024. The fear and greed index is 80 (extreme greed), and volatility is 21.30%. The CVX price has performed positively for 18 days in the last 30 days, showing the buyer’s grip.
The market capitalization of Convex Finance is $473.41 million, and the trending volume is $11.42 million, which has dropped by 29% in the last 24 hours. The circulating supply is 93,898,611 CVX, and the total supply is 99,436,026 CVX, but the maximum supply is 100,000,000 CVX.
The CVX Price Has Been in a Bullish Trend; Will It Sustain $5 Mark?
The CVX price has witnessed intense buying pressure in February and has extended to the $5 mark. According to the chart structure, buyers do not seem strong enough to surpass the $5 mark.
If the buyers manage to lift the price over the $5 level and sustain, investors may bring back their confidence, which may result in buying pressure. Per the technical chart, if the price rises to the $6 level, it may easily approach an all-time high.
Alternatively, if the CVX price fails to sustain the $5 mark, the first support level would be the 20-day moving average. But if the CVX crypto price slips below the 20-day moving average, it may melt to the 200-day moving average.
Convex Finance Price Technical Analysis on a 4-H Time frame
The CVX price has been rising by taking support on a trendline, and bulls are dominating. If the price fails to defend the trendline, selling pressure can be observed and may melt to the $4 level.
Suppose the Convex Finance price rises over the $5.25 level, it is predicted to record a new multi-day high. If it sustains the $6 mark, then an all-time high can be expected.
Conclusion
Based on the technical analysis and market indicators, the CVX crypto price has been bullish and has shown positive performance in the last 30 days. However, the price may face resistance at the $5 mark and drop to the support level of $4.71 by March 06, 2024.