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Vikram
Apr 28, 2022
by Vikram

CVX Technical Analysis: Bulls Ready To Crush Falling Wedge 

CVX
CVX coin price shows a bull cycle within the falling wedge ready to surpass the resistance trendline. Should you be interested in an early bullish entry?

Key technical points:

  • CVX's price sustains above the $25 mark.

  • The EMAs achieve a bearish alignment.

  • The 24-hour trading volume of Convex Finance is $19.05 Million, reflecting a rise of 53%. 

    • Past Performance of CVX

    CVX coin price shows a downtrend in a falling wedge fashion accounting for deflation of 30% last month. However, the recent reversal from the support trendline comes with a double bottom breakout and shows a growth of 15% in the last 24 hours. However, the resistance trendline and the resisting EMAs keep the bullish growth in check.

    TradingView Chart

    CVX Technical Analysis 

    The CVX coin price retests the 50-day EMA breakout and sustains above the $25 mark reflecting a surge in underlying bullishness. Hence, the chances of trendline breakout to reach the $30 mark is still significant.

    The flattish trend of the key 4-hour EMA is a strong rebuke to the bull run, while remaining in the bearish alignment. But, the break of the averages could indicate a potential buying opportunity.

    MACD Indicator: The MACD and signal lines surpass the zero line after the recent bullish crossover reflecting a rising underlying bullishness. 

    RSI Indicator:  The RSI slope continues an uptrend to surpass the halfway line with the support of the 1-day average. 

    In a nutshell, the CVX technical analysis projects the increased possibility of a bull run above the resistance trendline.

    Upcoming Trend 

    CVX coin price faces opposition from the resistance trendline and the 4-hour EMAs preparing for another bear cycle reaching the support trendline. However, the bullish breakout will result in a rally to the $30 mark.

    Support Levels: $26 and $24

    Resistance Levels: $27 and $30

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    Convex Finance CVX
    CVX Technical Analysis: Bulls Ready To Crush Falling Wedge 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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