• Sun. Dec 22nd, 2024

Convex Finance (CVX) Escapes Consolidation Phase – Price Analysis

Erik Taylor

ByErik Taylor

Dec 28, 2021

Convex Finance has consolidated inside a constricted range for over one month. However, the positive news about Binance listing CVX Token had the crypto attracting news buyers on 23 December.

That saw the alternative asset overpowering its range. If Convex Finance maintains the breakout, market players can take advantage of the current opportunity to go long.

CVX/USD 12Hr Chart

Past Performance

CVX Token recorded an impressive rally in October’s trading sessions, attaining a new ATH of $38.6. Nevertheless, November came with slight retracements that saw the token plunging towards the support floor at 421. Since then, Convex Finance vibrated between the levels, creating a range-bound move.

RSI Supports Increasing Buyers Momentum

Meanwhile, consolidation phases mean resting time for the assets to steady and prepare for another upward rally. The price records a massive move towards the direction noted by the breakout. An upward breakout means lucrative upswings, while a downward one translates to uncontrollable losses.

In that context, CVX registered a significant break from the upward resistance at $38.62. High trading volume accompanied the move. However, the alt retraced later, finding reliable footing for the new rally.

So far, Convex Finance has proved sustainability beyond the mark, and long investors might maintain a bullish attitude as long as the asset holds beyond $38.6. While publishing this blog, Convex Finance traded at $43.5, following a 5.37% intraday gain.

The 24-hour volume change stood at $34.7 million, showing a 31.1% increase. Coinmarketcap ranks the asset at 207 with a total market capitalization of $1.9 billion, a 7.6% increase.

Technical Indicators

The Relative Strength Index (RSI) on the 12hr chart indicates a stable uptrend, nearing the overbought region.

CVX retained bullish tendencies among the critical exponential moving averages (20-50-100- and 200). Furthermore, the 20 exponential moving average provides massive support for the altcoin.

The traditional pivot indicates lucrative confluence with recognized chart levels. With the pivot, market players can expect the closest resistance at $50.5, then $59.3. On the other side, support floors stood at $40, then $31.9.

What are your opinions about CVX price actions? More surges to come? Or, should market players remain in ‘wait’ mode? You can comment below.

Erik Taylor

Erik Taylor

Erik Taylor, contributing author for Big Trends Signals, leverages his vast online trading knowledge to provide thorough guides and impartial reviews, simplifying complex trading concepts for readers.

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