Recently, the Convex Finance Coin (CVX) has seen a remarkable 22% growth in value; however, astute investors should be aware of possible risks and volatility that may hamper its performance come 2023. This article will delve into these various elements, such as resistance levels and alternate challenges that could impede CVX’s future success. Get ready to learn more about what lies ahead for this promising coin!
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Unlike most major cryptocurrencies, the convex finance coin started its recovery rally a bit late, from the second week of January. However, this altcoin made up for the lost time, as it witnessed a nearly perpendicular growth in the last ten days. This bullish reversal from the $3 psychological support surged the prices 64% to its current level of $4.9. Moreover, the buyers are currently trying to surpass the $5 barrier, which could encourage a further price rally
- The Convex finance coin has been rising for ten consecutive days
- A bullish breakout from the $5 resistance may drive the CVX price by 22%
- The intraday trading volume in the Convex Finance Token is $12.3 Million, indicating a 45.2% gain
The Convex finance coin breached multiple resistances during the recent recovery rally, one of which was the downsloping trendline of a falling wedge pattern. The altcoin wobbled within this bullish continuation pattern for the past five months before giving a bullish breakout on January 14th.
This bullish breakout accelerated the bullish momentum and assisted buyers in hitting the $5 psychological barrier. Moreover, the evident rise in volume activity defines a sustained rally, increasing the likelihood of prolonged recovery.
Therefore, a daily candle closing above the $5 resistance will accelerate the bullish momentum and encourage an uptrend continuation to $6.
However, the higher price rejection attached to today’s daily candle indicates the exhaustion of bullish momentum. Therefore, if the CVX price remained below $5, it would likely witness a temporary pullback. This potential correction may revisit the $4.44 or $3.7 before resuming the price rally.
RSI: The daily RSI slope skyrocketed into the overbought region, indicating aggressive selling in the market. Therefore a potential correction may stabilize the price trend before it rises.
EMAs: the rising CVX price showed a sudden spike above crucial EMAs(20, 50, and 100), gaining additional support for a potential pullback.
Curve Finance Coin Intraday Price Levels
- Spot price: $4.9
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $5 and $6
- Support levels- $4.4 and $3.7
The article looks at the possible threats and adversities that Convex Finance Coin may confront in 2023. Currently, it is experiencing a 22% rise in its worth, so investors should be aware of any price corrections, volatility or resistance levels that could influence the coin’s returns later on. This insightful analysis covers all potential risks and will enable you to make smart decisions when investing with Convex Finance Coin this year!
This article is designed to educate prospective investors of Convex Finance Coin and those curious about the DeFi market on making informed decisions. It offers insights into navigating situations that may arise throughout investments and provides a recapitulation of the budding DeFi sector and its potential impact on Convex Finance Coin.