- CVX is currently observing a strong upside trend with the rise in Bitcoin and positive sentiment
- Technical indicators of CVX are favouring a strong upside trend.It has seen a gain of 5% in the intraday session.
Convex finance is a protocol which allows Curve Liquidity providers to earn a share of trading fees. Liquidity providers cab stake with Convex and receive boosted CRV and mining rewards. Convex finance was developed by anonymous developers yet it has always captured investors attention. Convex plays a key role in Curve Wars with its unique incentive structure. It has a total supply of 100 Million and 74% of it is circulating in market .It is currently down by 61% from its all time high. It is showing a V shape recovery in the daily chart. Various analysts are expecting a strong growth in the future.
Convex Finance has a market cap of $395 Million and is ranked 89th in the cryptoverse. Volume of the CVX has seen a gain of 103% suggesting a bullish move. Volume to market cap ratio of CVX suggests a weak upside trend.
Are Bulls Of CVX Ready For Next Run?
The weekly technical chart of the Convex finance suggests a weak upside trend in price. On the daily chart it is trading near the value of $5.35 with a gain of 1% in the intraday session.The upside trend of CVX can see a halt near $8.5.The downside trend of CVX can see a halt near $3.5.It is trading above 50 and 100 DMA. There can be a positive crossover
RSI of the CVX is near 77 suggesting a weak downside trend. The overall sentiment of the RSI is bearish for the token.
Conclusion
Convex Finance has seen a strong gains with the rise in Bitcoin. Various investors of CVX are expecting a strong move in the future.
Technical Levels
Major Support:$3.5
Major Resistance:$8
Source: https://www.thecoinrepublic.com/2023/01/23/convex-finance-price-prediction-is-cvx-price-gearing-up-for-10/