CVX Prices North March Aims For $9 Resistance

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Published 16 hours ago

The Convex Finance (CVX) price started the new week with a decisive breakout from the $7 resistance. Following a three days retest, altcoin resumed the prevailing recovery, charging straight to the next supply region of the $9 mark. Can buyers knock out another resistance?

Key points:

  • The ongoing recovery aims to 11% jump for hitting the $9 resistance
  • The 20-and-50-day EMA is closing to bullish crossover.
  • The intraday trading volume in the Convex Finance Token is $19.8 Million, indicating a 45.2% gain.

CVX/USDT ChartSource- Tradingview

The CVX/USDT technical chart shows a classic example of a double bottom pattern in work. Following June’s first-half bloodbath, the altcoin plunged to a $3.12 low around which the pattern formed its base support.

On July 5th, the CVX price showcased a massive breakout from the $5.15 neckline of a bullish reversal pattern. The post breakout rally drove the CVX price 61.8% higher to its current level of $8.2. 

Thus, the ongoing recovery has breached several in-between resistance and, recently, the $7 mark. This breached resistance offered a stable footing for buyers to carry forward this rally.

The buyers showcased a 9.8% follow-up rally nearing the overhead supply zone of $9. The possible breakout would extend the recovery to higher chart levels.

On a contrary note, if an unexpected reversal breaches the $7 support, the CVX price may witness a significant retracement.

Technical analysis

MACD indicator: Since the MATIC price rebounded from the $3.12 support zone, the fast and slow maintained a significant gap, indicating sustained buying in the market. These slopes recently jumped above the neutral zone, offering an additional confirmation for buyers.

Bollinger band indicator: the indicator bands turning upward suggest the buyers lead the current market action. Moreover, the midline provides dynamic support for the occasional pullbacks.

  • Resistance levels- $9 and $11
  • Support levels- $7 and $5.15

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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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