10 June 2023 : 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.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,043,174,565,683. The total trading volume stands at $48,457,773,742. Bitcoin shares 47.72 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $25,651.48 level after a decline of -3.79%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price decrease of -5.72 percent reaching to $1,743.15 during the previous 24 hours.
While publishing this blog, BNB traded at $236.25, following a price change of -9.88%within the same time frame. XRP the native coin of XRP is down by -8.75 and currently trading at $0.49. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% 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.
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|
The daily chart of Convex Finance shows that the CVX price has a downward movement with a -5.76% decrease in past 24 hours. The price value of the Convex Finance (CVX) coin is standing at $3.94 with market capitalization $306,460,873.00 USD. CVX price changes -13.1% over the week while the trading volume is hovering around $5,973,817.00 USD.
CVX price analysis for 10 June 2023 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.
|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 coin is going down as it break below two crucial support levels of $5.04 and $4.57. The market is not suitable for bulls and bears might take CVX towards the next support at $3.92. 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.
There had been a negative trend for some time and it seems that the coin's recuperation will continue as long as it remains in the reddish area. You should only acquire crypto right now if you're prepared to hold it through the ups and downs of the crypto market.