- The price of CVX is trading at $3.685.
- The CVX price decreased by 2.50% in the last 24 hours.
- The CVX year-to-date return is +14.77%.
Weekly Trend Analyzation
This week the trend was bullish as the price was up by 8.57%. We can say that CVX is performing well this week by trend and price information history.
All-Time History Analyzation
The coin’s value plummeted by more than 90% in all-time history, giving low returns to the investors’ money.
Chart Analyzation In 1-D Timeframe
Trendline Analyzation
As per the trendline, it is respecting multiple support and resistances very well, taking from the drawn trendline on the chart and between the zones. It was bearish before from the point where it was rejected from the major trendline. Recently, it took support from the demand zone. So, as price action speaks, it already took support on the zone and it is trying to sustain but it failed and faced rejection. It can reach $3.234 soon which is the nearest major support.
MACD
When the MACD line is below zero, the MACD line crosses above the signal line, it shows that the short-term momentum is stronger which is a bullish sign. The overall trend indicates that the moving average is below the long-term moving average, and therefore the trend is downward.
EMA
The sellers are stronger than the buyers, which shows that the price cannot reach above resistance levels as the bears have high resistance. To change the direction, the price has to go sustain above the 20, 50, 100 & 200 EMA. Hence, it can be suggested that the price might fall soon.
RSI
As we can see in the chart, the RSI line is in a bearish zone i.e., the line trading below the median line. The market is bearish since the 14 SMA line and RSI line are below the median zone. The daily time frame chart suggests that the CVX coin is bearish.
Bollinger Band
In the Bollinger Band indicator, the CVX coin price is trading at the lower band. After taking rejection from the 20-day Simple Moving Average (SMA) of the Bollinger Bands, it is indicating a downward move.
Volume Analyzation
The amount of CVX traded in a day is $5,277,123. It fell by 11.45% since the last day. While looking closely at the graph, we observed that volume lacks momentum, which causes less momentum to the price in the long term. Therefore, it cannot push the price up in the short term, due to the lack of considerable volume present in the market.
Conclusion
Currently, the technical parameters for the Convex Finance (CVX) coin indicate bearish pressure. The views of traders and investors are bearish. If the price continues to move under the seller’s control, it is expected to fall more from the current levels. The sentiments of investors and traders are bearish regarding the price of Convex Finance (CVX) in the 1D timeframe.
Technical Levels:
- The Nearest Support Zone – $3.234 then $2.977
- The Nearest Resistance Zone – is $4.060 then $4.315
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
