Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

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...

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.