Will the CVX price Smash $5 Mark?

The Convex Finance crypto price is in the downtrend, halted near the value of $4.238, and breaking below the key moving averages. A bearish crossover occurred between the 50-day and 200-day EMAs, showcasing the trend has shifted in the bear hold.

The CVX price has been on a downtrend for the past year, as it faced resistance from the higher levels and formed lower lows on the technical chart. That shows that the sellers have been in control and the crypto has lost its momentum. The crypto has also broken below the key moving averages, which indicates more weakness.

The crypto has created a bearish sentiment in the market and sellers are dominating the technical chart. Convex Finance (USD: CVX) crypto has returned to its last breakout level, which could act as a support level. The technical evaluation indicates that the crypto is oversold and could rebound from the lower support levels. Moreover, the crypto needs to show some signals of strength and reversal before confirming a pullback rally.

Convex Finance crypto (USD: CVX) price is in a correction phase but trading near crucial support of $2.515. If formed, a bullish candle suggests bulls are active and will try their best to bounceback. 

The CVX crypto price closed the previous session at $2.875 with an intraday rise of 0.74%. If the bulls succeed in defending the current support, the possibility of a bounce back will increase. Moreover, if the sell-off continues and Convex Finance crypto drops below lower levels, more downfall is possible.

Bulls tried multiple times to break the higher range and expand upward. Nevertheless, due to the powerful existence of bears, prices faced denial from the upper level. It offers bears that are still active on upper levels. 

Technical Analysis of the Convex Finance Crypto Price in 1-D Timeframe

The Convex Finance price is trading below the downward-sloping 50-day and 200-day EMAs, showcasing a downtrend. However, the Convex Finance price has gone far away from the EMAs.

The MACD generated a positive crossover and the histogram is also green indicating bullishness. The RSI at 44.80 denotes strength but is close to the oversold territory.

The current value of RSI is 44.80 points. The 14 SMA is above the median line at 42.13 points, indicating that the Convex Finance crypto is bearish.

Weekly Time Frame Analysis of the Crypto

Convex Finance crypto has shown bears’ strength on the weekly charts. Furthermore, the price traded below the key EMAs, which signals further weakness in the momentum. The RSI curve is near the oversold region at 41 and a pessimistic outlook was noted, showcasing bearishness in the crypto price. The MACD indicator also persisted to form red bars and a bearish crossover was noted, which signals corrective moves.

Summary

Convex Finance (USD: CVX) technical oscillators and indicators encourage the bearish trend. The MACD, RSI, and EMA highlight negative signals and imply that the downtrend may continue in the CVX crypto price. The CVX token price action suggests that the investors and traders are bearish on the 1-D time frame. The price movement mirrors a bearish outlook at the moment.

Technical Levels

Support Levels: The Convex Finance crypto price may find support at $2.766 and $2.536, where it could bounce back or stabilize.

Resistance levels: The CVX crypto price may face resistance at $3.047 and $3.360, where it could reverse or consolidate.

Disclaimer

This article is for informational purposes only and does not provide any 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 own research before making any financial decisions.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.