Convex Finance Price Analysis: Will CVX again Showcase its Potential?

  • The EMA(50) is currently at $5.18.
  • CVX/USD is confronted with resistance level of R1 at 6.17 dollars.
  • Support for the bears has been established at $5.04
  • Convex Finance price analysis is bullish today.

29 February 2024 : In this article we will walk you through Convex Finance price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Convex Finance, Is CVX a good investment? Convex Finance support & resistance levels etc. But before diving deep into the CVX technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,285,506,348,499. The total trading volume stands at $154,828,880,098. Bitcoin shares 52.92 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $61,328.65 level after an upward movement of 2.27%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.27 percent reaching to $3,355.93 during the previous 24 hours.
While publishing this blog, BNB traded at $404.37, following a price change of -0.7%within the same time frame. SOL the native coin of Solana is up by 15.28 and currently trading at $128.92. Additionally, XRP reached $0.60 after seeing a uplift of 6.19% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Convex Finance Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Convex Finance (CVX)

CVX Resistance Levels CVX Support Levels
Resistance Level 1 $6.17 Support Level 1 $5.04
Resistance Level 2 $6.82 Support Level 2 $4.57
Resistance Level 3 $7.30 Support Level 3 $3.92

Convex Finance Performance

The daily chart of Convex Finance shows that the CVX price has surged up with a 10.33% increase in past 24 hours. The price value of the Convex Finance (CVX) coin is standing at $3.78 with market capitalization $299,210,259.00 USD. CVX price changes -2.83% over the week while the trading volume is hovering around $10,716,852.00 USD.

Convex Finance Price Analysis

CVX price analysis for 29 February 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Convex Finance.

Moving Averages Price Indicator
Simple Moving Average (10) 5.54 Sell
Exponential Moving Average (10) 5.55 Sell
Simple Moving Average (20) 5.36 Sell
Exponential Moving Average (20) 5.38 Sell
Simple Moving Average (50) 5.16 Sell
Exponential Moving Average (50) 5.18 Sell

The Convex Finance has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take CVX price below the crucial support level of $5.04. The CVX/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While CVX’s Williams %R indicator is at -64.153 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The Relative strength index (RSI) for CVX Coin is currently hovering at 57 for 14-days average line, which means CVX is moving towards overbought zone.


From the technical analysis, the overall trend of the Convex Finance is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if CVX manages to stay above $5.04, it can provide an excellent long opportunity for CVX communnity.