- 1
Convecx Finance was currently at $5.01, which decreased by 8.17% during the intraday trading session. - 2
The 24-hour low of CVX was $4.95 and the 24-hour high of CVX was $5.47.. - 3
The current Convex Finance token price is below 20, 50, 100, and 200-Day EMA.
The pair of CVX/BTC was trading at 0.000251 BTC with a rise of 0.08% over the intraday trading session.
Convex Finance price analysis suggests that it is currently in a downtrend. After the start of 2022, the token was in a declining phase till March 2022 as can be seen on the chart. This indicates that the sellers have been dominating the market since the start of 2022. After that, the buyers became active pushing the token upward and helping the token to make its new 52-week high. After that sellers again took back the market from buyers pushing the token below its 20-Day EMA. This cause a steep decline in the value of tokens as can be seen on the chart. After the token touched its secondary support of $3.030 buyers became active again in the market helping the token reach its secondary resistance of $8.0111. Near the end of the year, the sellers again took back the market from buyers forcing it to trade below its primary support.
Because of the seller’s heavy pressure near the end of the year, the token made its new 52-week low. After the start of 2023, the token started moving upward again breaking its primary support. But as soon as the token reached its primary resistance of $6.825 the token began consolidating between its primary support and resistance.
The volume of the coin has increased by 25.37% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of CVX, which represents a weakness in the current bearish phase and a possible reversal.
Convex Finance Price Technical analysis
RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing CVX downwards. This suggests the strength of the current bearish trend. The current value of RSI is 33.81 which is below the average RSI value of 46.48.
The MACD and the signal line are stranded near zero and not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Convex Finance price analysis suggests that it is currently in a downtrend. After the start of 2022, the token was in a declining phase till March 2022 as can be seen on the chart. Near the end of the year, the token made its new 52-week low. After the start of 2023, the token started moving upward again breaking its primary support. The increase in volume shows positive market sentiment towards the token. RSI is decreasing in the oversold zone and is shown a negative crossover which shows the strength of the current bearish trend, as per the technical indicators. Traders should take caution before making any trade in the market.
Technical Levels-
Resistance level- $6.825 and $8.0111
Support level- $5.006 and $3.030
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/10/convex-finance-price-prediction-will-cvx-continue-its-declining-streak/