Home
News
- 1 The CVX token price witnessed bulls’ accumulation and overtook the $5 mark.
- 2 Technical indicators are spreading positive sentiments.
The Convex Finance (CVX) token price spread the bullish momentum and persisted in accumulating gains. It was in an uptrend and continued to accumulate gains for the past sessions. The price action signifies the higher high swings and displays a surge of over 18% this week.
At press time, the CVX token price trades at $5.13 with an intraday drop of 3.15%, indicating neutrality on the charts. It has a monthly return ratio of 38.25% and 106.10% on a yearly basis. The pair of CVX/BTC is at 0.0000758 BTC, and the market cap is $481.27 Million. Analysts are bullish and suggest that the CVX token price may reach $10 soon.
The CVX Price Volume Analysis on the Daily Time Frame
The Convex Finance token (CVX) price has witnessed a sharp spike of over 110% in the last three months. This week, the trading volume kept fluctuating, indicating investors’ interest and roller coaster moves were noted. The intraday drop of 4.04% to $12.19 Million in trading volume was noted. However, the weekly data suggests a decline of 34%, which leads to a pause in the token’s price activity near the barrier of $5.40.
The Relative Strength Index (RSI) momentum indicator curve stays near 60, signaling the overbought signal and replicating a negative crossover on the charts. The technical indicators are signaling a favorable bullish outlook for the upcoming sessions.
Weighted Sentiment and Price Volatility Analysis
The Total Weighted Sentiment data noted a significant bounce from -0.187 to 0.419, implying a positive outlook among investors for the token. Furthermore, the price volatility also glimpses a bounce in the intraday session, leading to a decline of over 3% in the token price and reflecting the sellers’ short addition.
Social Volume and Twitter Activity Outlook
Since the start of 2024, the social volume and social dominance activity witnessed a rise, and positive inflows were noted. However, this month’s social volume was reported to drop by 12% to 1.02. The data suggests that investors are paying attention to Twitter, and a rise in followers was noted. This week, the Twitter followers rate spiked to -350 to -64.
Development Activity and Total Holders Analysis
The token witnessed a rise in development activity from 0.094 to 0.145, indicating positive sentiments for the token. Moreover, the total number of holders in the token skyrocketed and spiked to 22.8k, a rise of over 4% in the last month.
Summary
The Convex Finance token (CVX) witnessed a spike and glimpsed bullish momentum, leading to cross the $5 mark. Moreover, the token indicates an uptrend and keeps rising, suggesting an outperformance outlook for the upcoming sessions.
Technical Levels
Support Levels: $5 and $4.70
Resistance Levels: $5.90 and $6.10
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
