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Cryptoknowmics 2022-08-06 10:40:15

CVX Technical Analysis: Increasing Fear Warns Downfall To $6

The CVX prices show another bullish failure to crack the $8 supply zone, increasing the downfall possibility below the support trendline. Key Technical Points: Convex Finance (CVX) prices showed a 7% growth last night, starting another bullish attempt to exceed $8. The bullish turnaround from the 50-day SMA is ready to support the downfall below the support trendline. With a market cap of $476 Million, the intraday trading volume of Convex Finance has increased by 62% to reach $12.83 Million. Past Performance of CVX The CVX price action shows a bullish failure to exceed the $8 supply zone resulting in a 17% fall within a week to reach the support trendline. However, the lower price rejection candle from the 50-day SMA keeps the market value above the supply trendline. Moreover, the recent overnight growth in demand recreates a bullish engulfing candle to reach the $8 supply zone in an attempt at a bullish breakout. Source – Tradingview CVX Technical Analysis Last night, the CVX price jumped by 7%, undermining the previous week’s higher price rejections during the consolidation bear cycle. However, traders should wait for a price action confirmation before taking a bullish trade. The RSI slope shows growing bearish influence as it declines to reach the halfway line, with the 14-day SMA keeping the reversal in check. Moreover, the MACD and signal lines maintain a bearish alignment with a negative histogram trend. Hence, the tech...

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