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Vikram
Jul 1, 2022
by Vikram

CVX Technical Analysis: Buyers Planning A Double Bottom Breakout

CVX Technical Analysis

Table of contents

  1. Past Performance of CVX
  2. CVX Technical Analysis 
  3. Upcoming Trend
CVX prices action shows a recovery reversal from the $3.40 mark teasing a bullish breakout of the double bottom pattern in the daily chart. 

Key technical points:

  • The CVX market price has increased by 10.60% over the past 24 hours.

  • The price action warns of a higher price rejection in the last two daily candles.

  • The 24-hour trading volume of Convex Finance is $35.75 Million, indicating a rise of 50%.

    • Past Performance of CVX

    CVX price action shows a long-coming downtrend in a resistance trendline accounting for a downfall of 72% in the last month. However, the 20% jump yesterday teases a double bottom pattern formation with a neckline at the $5.45 mark in the daily chart.

    TradingView Chart

    Source- Tradingview

    CVX Technical Analysis 

    The CVX price jump comes with a significant rise in trading volume, increasing the likelihood of a bullish pattern formation. Hence, traders expecting a bullish rally above the $5.45 mark must wait for the pattern breakout. The MACD and the signal lines display an upward trend that reaches the zero line, but the shrinking spreads suggest an upcoming crossover to return to the opposing alignment. Thus, the indicator reveals an underlying decline in bullishness.

    The RSI indicator indicates the slope is recovering after dropping to the oversold boundary with the support of the 14-day SMA. Therefore, the technical indicators go against each other. Additionally, the bullish divergence in the double bottom pattern is evident in the RSI indicator projecting a high possibility of a bullish breakout.

    In a nutshell, the CVX technical analysis shows the indicators taking an overall neutral side. However, the price action teases a price jump above the neckline at $5.45.

    Upcoming Trend

    Suppose the CVX prices rally after the double bottom breakout; the unleashed bullish momentum will propel the market price to the $10 mark. However, a retracement to $3.40 will result in a price drop to $3.

    Resistance Levels: $5.45 and $10

    Support Levels: $3.40 and $3

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    CVX Technical Analysis: Buyers Planning A Double Bottom Breakout
    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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