Based

bullish

Convex Finance

DeFi

The post <a href="https://coinpedia.org/price-analysis/cvx-price-eyes-double-bottom-for-a-breakout-run/">CVX Price Eyes Double Bottom For A Breakout Run!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
Amid the growing volatile market, the CVX price trend teases a double-bottom reversal within a descending triangle. Furthermore, with a market cap of $211M, Convex Finance is up by 4.47% in the last 24 hours, with a potential bull cycle ahead.&nbsp;&nbsp;&nbsp; 
Will the bull cycle in this DeFi token result in a breakout run? Let’s find out. 
<h2 class="wp-block-heading" id="h-descending-triangle-for-convex-finance">Descending Triangle For Convex Finance</h2> 
With a prominent resistance trendline in the daily chart, the <a href="https://coinpedia.org/price-prediction/convex-finance-cvx-price-prediction/" target="_blank" rel="noreferrer noopener">Convex Finance price</a> action reveals a massive bearish influence. However, the constant support at the $1.985 support level, close to the $2.00 psychological mark, forms a descending trendline.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" width="1600" height="763" src="https://image.coinpedia.org/wp-content/uploads/2024/08/29133416/image-537.png" alt="CVX Price Analysis 29th Aug 2024" class="wp-image-344122" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/29133416/image-537.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/29133416/image-537-300x143.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/29133416/image-537-1024x488.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/29133416/image-537-768x366.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/29133416/image-537-1536x732.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/29133416/image-537-150x72.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure> 
Providing multiple bouncebacks at this level, the bullish dominance is clear. Currently, with a failed attempt at a bull cycle, the CVX price has dropped down to the baseline after a minor consolidation.&nbsp; 
The CVX price is currently trading at $2.151, with a minor intraday recovery of 0.05%, followed by a 4.62% jump last night. With a bullish candle at the baseline, the market participants expect a bull cycle to challenge the overhead trendline.&nbsp; 
However, amid the increased broader market volatility, the chances of a breakdown are also increasing.&nbsp; 
Technical Indicators: 
MACD: The MACD indicator shows the MACD and signal lines merged in the short term, with a declining trend. 
RSI: The daily RSI line struggles to showcase any bullish divergence in the recent dips to the baseline. However, compared to the bottom formation in June, the daily RSI line shows a massive bullish divergence.&nbsp; 
Hence, the technical indicators remain polarized but favorable to the bullish team.&nbsp; 
<h2 class="wp-block-heading" id="h-will-cvx-price-bounce-back">Will CVX Price Bounce Back?</h2> 
Based on the Fibonacci levels, a bullish trend continuation will challenge the 23.60% Fibonacci level at $2.811. With a bullish breakout of the overhead trendline, the CVX price could target the 50% Fibonacci level or 78.60% level at $3.73 and $4.73, respectively.&nbsp; 
In case of a bearish breakout, the support levels for Convex Finance are present at $1.75 and $1.50. 
Also, read our <a href="https://coinpedia.org/price-prediction/yearn-finance-yfi-price-prediction/" target="_blank" rel="noreferrer noopener">Yearn. Finance Price Prediction</a>

CVX Price Eyes Double Bottom For A Breakout Run!

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