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Cryptoknowmics 2022-08-23 11:30:36

CVX Technical Analysis: Falling Prices Endanger Buyers At $5

The CVX prices experienced a phenomenal increase in selling pressure at the $8 supply zone, resulting in a fall to the $5 mark. Key Technical Points: The Convex Finance market price dropped by almost 40% last week. The price action fails to sustain above the 50-day EMA. With a market cap of $356 million, the intraday trading volume of Convex Finance has increased by 12% to reach $14.51 million. Past Performance of CVX The Convex Finance (CVX) price action shows a bearish reversal from the supply zone at $8 and fails to sustain above the $5 mark. The falling trend accounts for a 40% price drop last week, resulting in a drop to the psychological mark of $5. Currently, the price action displays a sideways trend with a bullish influence to retest the broken support level at $6. Source – Tradingview CVX Technical Analysis The CVX price action displays a lower price rejection in the daily candle with a 7.21% jump, increasing the possibility of a bullish reversal. Hence the chance of a downtrend continuation below the $76 support level increases. The bullish failure to sustain above the 50-day EMA sabotages the possibility of a bullish reversal in the EMA. The recent bear cycle reflects an increase in the underlying bearish sentiments evident by the drop in the daily-RSI slope. Moreover, the fast and slow lines drop below the zero line with a surge in negative histograms. Hence, the MACD indicator shows a bearish synergy with the RSI...

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