CVX Technical Analysis: Falling CVX Prices Soon To Drop Below $5
Table of contents
Key Technical Points:
Past Performance of CVX
As mentioned in our previous analysis, the CVX price breaks below the support trendline of the bullish channel pattern resulting in a fallout rally. Moreover, the bearish trend accounts for a 30% fall last week to reach the crucial support level of $5. The price action displays a streak of bearish candles over the week with a surge in trading volume, reflecting a boom in selling pressure.
Source - Tradingview
CVX Technical Analysis
As the supply inflow increases, the CRV price action displays a high possibility of a downtrend continuation below the crucial support level of $5. Hence, sideline traders can expect a short-term selling opportunity once the $5 support level falls. As the Convex Finance token market price falls below all the 50-day EMA in the daily chart, the bearishly aligned daily EMAs regain momentum.
The daily RSI slope maintains the falling trend under the halfway line, ready to break the oversold boundary. Moreover, the MACD indicator displays the fast and slow lines carrying a declining trend with an increase in the bearish gap. Additionally, a boom in selling pressure evidenced by the bearish trend in histograms projects a downfall.
Hence the technical indicators maintain a bearish bias for the upcoming trend.
In brief, the CVX Technical Analysis projects a high likelihood of a downtrend continuation below the psychological mark of $5.
Upcoming Trend
CVX price trend remains on the high bearish pressure increasing the possibility of a downfall to the next support level of $3.40.
However, if the market value sustains above the $5.0 mark, a bullish trend might challenge the sellers at $8.
Resistance Levels: $8 and $10
Support Levels: $5 and $3.40