CVX Price Analysis: Analysing Convex Finance Price Patterns?

• The price of CVX is trading near $3.18. The 24-hour trading volume was $7.93 Million.

• The CVX price is observing a fall of -2.19% in the last 24 hours.
• The CVX year-to-date return is -0.61%.

Convex Finance is a DeFi protocol that allows curve liquidity providers to receive a portion of Curve’s transaction value without having to stake liquidity there. Alternatively, LPs can join Convex and earn more CRVs and mining rewards. This provides better resources to CRV participants and establishes Convex Finance as a key player in the Curve battle.

Convex entered the race to control as many Curve Finance stablecoin exchanges as possible. The more CRV tokens owned by the protocol, the more it affects the value of Curve, the largest DEX in the TVL world.

The “war of the curve” aka competition continues to influence what will be the most important process in DeFi.

Trend Analysis

By considering trend & price information history, we can say that CVX is in a downtrend. The price has declined -17.28% within a week and we can say that CVX is showing poor performance.

CVX Trading Downwards

Technical Analysis (1D Timeframe)

CVX Price Analysis

EMA:

The CVX price is currently below the 20 and 50 EMAs, which indicates that the price will decline in the future. If sellers continue to lower the price, it could drop further in a week. So, selling is suggested.

200EMA:

The price of CVX at present is trading below 100 & 200 EMA which suggests the price could fall shortly. If the sellers continue to push the price downwards, it could fall more in value within a week. Hence, indicating sell.

MACD:

In this case, the MACD line is at -0.3559 and the signal line is at -0.2974. Both are on the negative side and give bearish signals and are also below the zero line.

 Also, when the signal line gets cut by the MACD line from below, the indicator is considered bullish. Likewise, when the signal line gets cut by the MACD line from above, the indicator is considered bearish. In this case, The MACD line crosses from above to below the signal line the indicator is considered bearish. Hence, indicating sell.

RSI:

The RSI line has been moving in the oversold territory for the past few days. The 14 SMA has a value of 29.34 points and the RSI line is around 22.25. Indicates that the CVX market is in the oversold zone.

Stoch RSI:

The Stochastic RSI fluctuates between 0 to 100. With readings below 20, it is considered oversold and those above 80 reflect overbought conditions. The current %d line is at 12.94 and the %k line is at 6.09. This indicates CVX is in an oversold zone.

Trendline Analysis:

As per the Trendline, it seems it’s respecting the Trendline & the channel shown in the chart. For now, it’s declining from the trendline but can go downwards sooner. So, the price of CVX can continue to fall or consolidate within the trendlines range.

Conclusion

According to the analysis, the indicators are supporting the bears. If the price continues to move under the seller’s control, it is expected to fall more shortly or it can consolidate at the current levels. Presently, the sentiments of the investors and traders are bearish regarding the price of CVX in the 1D timeframe.

Technical Levels:

• The Nearest Support Zone  – $3.233 then $2.978
• The Nearest Resistance Zone – is $4.061 then $4.317
  

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.