Convex Finance Price Analysis: CVX Price Rises By 40% In A Week; Can It Break Strong Resistance Ahead?
Last week’s recovery rally surged the Curve Finance (CVX) price by 40% from the $15 support. Today(March 23rd), the altcoin is up by 2% and teases a bullish breakout from the $22 resistance. However, the higher price rejection on the previous day’s candles undermines the buyers’ plans.
Key points:
- CVX price shows long-wick rejection at the $22 resistance
- The intraday trading volume in the Curve Finance token is $11.3 Million, indicating a 47% loss
Source- Tradingview
The February sell-off plunged Curve Finance (CVX) price to a $15 psychological level. Furthermore, the altcoin retested this bottom trice during the first two weeks of March, indicating buyers are aggressively defending this level.
CVX price bounced from $15 on March 14th, and a rally of five consecutive green candles soared the CVX price by 40%, hitting the $22 ceiling. A breakout and closing above this resistance would continue the bullish momentum, meeting the next supply zone at $30.
Although the March 21st candle surged with a significant volume spike, long-tail rejection attached to the daily candle, indicating the presence of intense supply.
If sellers revert the CVX price from $22 resistance, the traders can expect a range-bound rally with the upcoming target of $15 support.
Technical indicator
The 50 DMA moving near the $22 mark toughens the sellers’ defense at this resistance. On the other hand, the recently reclaimed 20 DMA could bolster buyers to sustain a bullish momentum.
The MACD indicator shows the fast and slow gradually rising towards neutral with the hope of bullish crossover. Entering the bullish territory will provide a significant confirmation for long traders.
- Resistance levels- $22, and $30
- Support levels- $17.3 and $15
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