 and a trading volume of $157.147 million were noted.){kind=link}
- Convex Finance has a huge liquidity based on its market cap.
- The CVX crypto price volatility is high at 12.53%.
Convex Finance (CVX) is a DeFi protocol on Ethereum that enhances staking rewards and yield optimization for Curve Finance users.
CVX, an ERC-20 governance token, allows users to earn from Curve and Frax LP’s earnings. It streamlines staking and maximizes returns but involves risks and volatility inherent to DeFi.
The trading volume for the CVX crypto has advanced to significant highs, resulting in a traded value of $157.147M. It resulted in a huge liquidity of 64.75% in the last 24 hours from the press time. The same is stated in a recent X post from @WuBlockchain.
Curve yield amplifier Convex CVX has soared more than 100% in the past 24 hours. On June 16, Binance CVX/USDT spot trading volume reached nearly $32 million, setting a new record for a single day. In the past 24 hours, Bybit CVX USDT perpetual contract trading volume reached $120…
— Wu Blockchain (@WuBlockchain) June 17, 2024
Despite a recent surge of 100% in the price, the market cap of Convex Finance has declined by 30% in the last 24 hours, leading to a market cap value of $283.224M.
The fear and greed index is at 74, showing investors’ greed. The sentiment of the crypto is bearish, according to the analysts.
Convex Finance Crypto Derivatives Analysis
The open interest of Convex Finance has declined by 27% in the last 24 hours.
There has been a strong surge in the derivatives crypto volume followed by an advance of 111% in the last 24 hours from press time.
The recorded long liquidation for the crypto further is lower than the higher short liquidation of $441.29K. It shows that bulls have ruled over the crypto in the last 24 hours.
CVX Crypto Price Technical Analysis
After hitting a swing high of $4.799 in just the last 24 hours, the CVX crypto price has declined by 41%, and it is trading at a level of $2.817 at press time.
The CVX crypto price formed an expanding wedge pattern, and the price further broke out above the pattern. The breakout was followed by a surge of 55% in the price.
The CVX price has formed an inverted hammer on the charts, and its low price has also been removed. Despite this, the price is trading at breakout levels, meaning it might take support at the current levels and continue to surge to higher levels.
CVX/USD Chart by TradingView
The 50-day and the 200-day EMAs on the daily chart of the CVX crypto are trading in a death crossover while the crypto price is trading between the EMAs. It shows uncertainty in the CVX price.
The MACD and the signal line are trading in a bullish crossover, while both metrics are trading in negative territory.
The RSI further shows strength on the charts and has broken above the 14-day SMA, followed by the breakout above the 50-level.
Summary
The CVX price surged 100%, hitting $4.799 before falling 41% to $2.817. High liquidity (64.75%) and a trading volume of $157.147 million were noted.
Despite the rise, the market cap fell 30% to $283.224M. Technical analysis shows potential support at current levels but indicates market uncertainty and volatility.
The support levels for the CVX crypto are $1.80 and $2.3, followed by the resistance levels of $4.30 and $5.50.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.