• CVX witnessed a strong upside trend for weeks.
• Prices have seen a gain of 17.76% in intraday.
• Trading volume rose by 190.54% in the past 24 hours. 

Convex Finance is a DeFi protocol extending a facility to Curve liquidity providers to earn a share of trading fees on Curve without staking liquidity there. Rather, the liquidity providers can stake with Convex and receive boosted CRV as well as liquidity mining rewards. 

This places Convex Finance as a crucial player in the Curve wars due to its unique incentive structure. The CVX prices saw a rocket rising by more than 32% in the past 7 days and nearly 18% in the intraday session. The trading volume swelled up by more than 190% in the past few hours. 

Monoscopic view 

The CVX prices are currently observing a bullish trend with improving market situations. The prices have formed a rising regression channel, where the rally can face a halt near $8.25. The EMA ribbon floats below the price action with possible bullish crossovers. The contained volume and rising OBV suggests the pressure to be optimistic. If the current prices of $6.84 can sustain above $7.00, a high run reaching near $8.25 may be established.

The CMF moves parallel to the baseline in the positive zone to show bull consistency persisting in the market. The MACD records a buyer regime with the lines splitting for in the positive region. The RSI of CVX moves in the overbought zone, suggesting a price reversal to arrive soon. 

Microscopic view

The smaller time frame study shows prices to face a stammering rise. The CMF rises to the higher ranges from the baseline to show entering bulls. MACD records ascending buyer bars with the lines undergoing a bullish divergence. The RSI slopes up to the overbought zone to mirror buyer sentiments. 

Conclusion

The protocol has seen prices to skyrocket in a duration of a few days. The volume has observed an uptick due to investors being intrigued by the price rise. The holder must keep an eye on the breakout level near $7.00. A major resistance can occur at $8.25.

Technical levels

Support levels: $3.10 and $4.50

Resistance levels: $8.25 and $9.05

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/2023/02/02/convex-finance-cvx-prices-to-propel-near-10-can-bulls-sustain/