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- The Convex Finance token aims to reach the $10 conceptual round level before the end of July.
- CVX price is struggling against the 50-day EMA in the context of the daily price chart.
- Last night’s buyers were aggressive, hence, trading volume increased by 125%.
The Convex Finance token converted its previous bearish trend into a bullish one. CVX price action shows a high-low formation above the previous swing high after reversing from a 60-day low of $3.11 on June 18. Despite the uptrend in the CRV token, Bulls still need to gather more potential to see a more bullish rally.
Recently the bulls have acted as evidence of the latest 52-week low of $3.11. Last week, buyers saw a 3-week consolidation phase below the $5.0 zone, but again this week, CVX is down 2.9%. Meanwhile, the Convex Finance token is trading at $5.71 for the USDT pair at the time of writing.
On July 4, buyers moved Convex Finance (CVX) price above the 20-day moving average in terms of the daily price chart. Now the 20 DMA stood as an immediate support line for the past several days. Amidst the roller coaster ride, the market cap of CVX Crypto is above $360 million, with a gain of $2.7% in the last 24 hours.
Amidst consolidation, CVX price is struggling with the 50-day EMA in the context of the daily price chart. This pullback happened twice in the last 7 days. There is room for buyers to push the asset price above this resistance area. Although the trading volume seems low nowadays, so this could be one of the reasons for the failure of the bulls.
RSI shows slight sideways momentum for CVX token
RSI is approaching semi-line as support while remaining below the downwards trendline. Despite the fact, RSI shows slightly bullish strength for the CVX token.
The MACD is continuing moving higher after a bullish crossover and going to move above the neutral zone.
Conclusion
The RSI and MACD indicators are slightly bullish while the Convex Finance token is well above the 20-day moving average. But bulls struggle at 50 DMA so bulls will have to break this zone as soon as possible to see further growth towards the conceptual round level of $10.
Support levels – $5.0 and $3.0
Resistance level – $10 and $40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
