- This month, the CVX price has declined by 30%, indicating the sellers’ grip.
- The Convex Finance price has dropped to the major support level of $2.
Since April, the sellers have been struggling to drag the CVX price below the $2 hurdle but couldn’t. In mid-June, the sellers almost succeeded in achieving their goal, but it only stopped the loss hunt. After the liquidity grab, Convex Finance shot up by 125% in just 2 days.
The sellers could not drag the price below the $2 mark, and the buyers struggled to overcome the $4 hurdle. Since May, the price has kept declining and failed to reach the last swing highs.
CVX Token Price Overview
When writing, the Convex Finance crypto traded at $2.36, rising by 1.02% in the past 24 hours. It had a market capitalization of $231.45 Million and a fully diluted market capitalization of $236.41 Million.
The circulating supply of the Convex Finance token in the cryptocurrency market was 37,618,344 CVX, and its total supply was 99,706,036 CVX. The 24-hour trading volume was $19.03, which rose by 21.76%.
Could the CVX Price Bounce Back?
A source on X claims that the CVX crypto has huge potential for upside momentum. The Convex Finance crypto price seems to have found the bottom and is ready to shoot up soon.
$CVX has potential for HUGE upside on the the back of this ETF.
— ฿rewsters Millions (@algos_in_crypto) August 12, 2024
i expect this to offer great ETH beta. dont sleep pic.twitter.com/BjHLnh7zLU
If the price advances the $5 mark, the buyers may eye for the double-digit as its first target.
Could the CVX Price Defend the Major Support Level?
The major support level for the CVX crypto price is $2, which has been respected since April. The crypto asset price has struggled between the key moving averages and the $2 hurdle.
Suppose the digital asset price departs from the demand zone and exceeds the key moving averages, the buyers may gain confidence. Intense buying pressure can be anticipated if the CVX price manages to sustain over the 200-day EMA.
Alternatively, buyers might panic if the Convex Finance price starts trading below the $2 mark. A price below $2 would convince most buyers to square off their buying position. It could result in sharp selling pressure.
Based on the technical indicators, the CVX price has been wandering below the Base Bollinger Band (BB). The price may approach the Upper BB soon. However, the price has struggled to surpass the key moving averages.
CVX Price Forecast Analysis
The CVX price has seen significant fluctuations. It hovered around the $2.36 mark at press time, showing signs of upward movement.
Given the historical struggle around the $2 support level and the ongoing battle to surpass the $4 hurdle, the price remained in a state of flux. There were indications of potential upside momentum, with some sources suggesting a possible rebound towards the $5 mark and beyond.
However, the CVX token price’s ability to defend the $2 support level and sustain above the key moving averages will determine future movements.
Technical Levels
The bullish trend in Convex Finance crypto could be interrupted near the $3.50 and $4.25 levels. The price may take support at the $2.10 & $1.80 levels.
Disclaimer
This article is for informational purposes only and provides no 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.
