Last week’s recovery rally surged the Curve Finance (CVX) price by 40% from the $15 support. Today(March 23rd), the altcoin is up by 2% and teases a bullish breakout from the $22 resistance. However, the higher price rejection on the previous day’s candles undermines the buyers’ plans.
Key points:
- CVX price shows long-wick rejection at the $22 resistance
- The intraday trading volume in the Curve Finance token is $11.3 Million, indicating a 47% loss
Source- Tradingview
The February sell-off plunged Curve Finance (CVX) price to a $15 psychological level. Furthermore, the altcoin retested this bottom trice during the first two weeks of March, indicating buyers are aggressively defending this level.
CVX price bounced from $15 on March 14th, and a rally of five consecutive green candles soared the CVX price by 40%, hitting the $22 ceiling. A breakout and closing above this resistance would continue the bullish momentum, meeting the next supply zone at $30.
Although the March 21st candle surged with a significant volume spike, long-tail rejection attached to the daily candle, indicating the presence of intense supply.
If sellers revert the CVX price from $22 resistance, the traders can expect a range-bound rally with the upcoming target of $15 support.
Technical indicator
The 50 DMA moving near the $22 mark toughens the sellers’ defense at this resistance. On the other hand, the recently reclaimed 20 DMA could bolster buyers to sustain a bullish momentum.
The MACD indicator shows the fast and slow gradually rising towards neutral with the hope of bullish crossover. Entering the bullish territory will provide a significant confirmation for long traders.
- Resistance levels- $22, and $30
- Support levels- $17.3 and $15
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/convex-finance-price-analysis-can-cvx-buyers-reclaim-the-22-monthly-resistance/