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- 1 The CVX price slips below the key support zone of $3 and is losing gains.
- 2 Buyers have failed to hold the gains and are in trouble.
Convex Finance (CVX) price replicates selling pressure and is dragging the gains amidst the volatile market. Furthermore, the price action showcases the lower lows formation inside the falling channel pattern and is revealing a trend reversal. The CVX coin displays a head and shoulder pattern and reveals a breakdown in the recent sessions.
The coin price slipped below the key moving averages and is lagging gains in the recent sessions. Moreover, the coin failed to hold the gains and faced rejection from the top near $4.30. Additionally, a death crossover was witnessed and sellers are showcasing their legacy and persisted in dragging the gains.
This cryptocurrency’s price was $2.621 at press time, with an intraday drop of 4.97% showing a selloff. Moreover, the trading volume increased by 8.48% to $8.05 Million, highlighting profit booking. The pair of CVX/BTC was noted at 0.0000653 BTC, while the market cap is $242.52 Million. Analysts are bearish and suggest that CVX price may retest $2 soon.
CVX On Daily Charts Displays Breakdown
On the daily charts, the Convex Finance (CVX) price slipped below the critical support region and is displaying selling pressure in the recent sessions. The price action signified the lower low swings and is revealing bears’ dominance. CVX coin showcased a roller coaster move and flipped from the highs of $4.350 and eroded over 40% of gains in the recent sessions.
The Relative Strength Index (RSI) curve stayed in the oversold region and witnessed selling pressure in the recent sessions. The MACD indicator shows a bearish crossover and is forming red bars on the histogram, suggesting the underperformance will continue in the upcoming sessions. Per the Fib levels, the price has slipped below the 23.6% zone and is exhibiting a selloff in the past sessions.
CVX On Weekly Charts Exhibit Falling Channel
On the weekly charts, the CVX coin showcased a falling channel and slipped below the 20-day EMA mark, revealing a downtrend. However, the coin is heading to the demand zone of $2.40 and may extend the fall toward $2 soon. The trend is favoring the bears and is replicating underperformance for the past sessions.
Summary
The Convex Finance (CVX) price slipped below the key moving averages and is revealing selling pressure in the recent sessions. Moreover, the trend was switched from neutral to a downtrend, and a fresh selloff was witnessed. Furthermore, the technical indicators are signaling that the coin may continue to drag the gains and may retest $2 soon.
Technical Levels
Support Levels: $2.40 and $2
Resistance Levels: $2.80 and $3
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks 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.
