Convex Finance

Million

Resistance

when

<ul class="list-ic vertical">
 <li><span>1</span> <a>The CVX price retarced the 50-Day EMA after the breakdown of 20-Day EMA.&nbsp;</a></li>
 <li><span>2</span> <a>At the time of writing, Convex finance crypto was trading at $4.44, highlighting a drop of 8.22%.</a></li>
</ul>
<p>The Convex Finance (CVX Price) extended the losses on the second day and made a breakdown of the 20 day EMA on the daily chart. The price dropped near the 50 day EMA indicating weakness in the short term trend.&nbsp;</p>
<p>The long-term trend outlook lies on the bullish side until the Convex Finance price stays above the 200-Day EMA. However, the short-term trend has weakened as the price dropped near the 50-Day EMA.</p>
<p>Currently, the crypto witnesses a consolidation of nearly four weeks after the breakout above the previous swing high. $5.5 and $4.4 are acting as the upper and lower boundary of the consolidation respectively.</p>
<p>The bulls and bears are in a tough fight to reclaim their dominance near the monthly high value. Now, the breakout or breakdown may decide the next clear trend for the crypto.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-cvx-crypto-volume-analysis-strong"><strong>CVX Crypto Volume Analysis</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (HBAR), Volume (HBAR)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=convex-finance&amp;pt=CVX&amp;df=2023-10-26T00%3A00%3A00.000Z&amp;dt=2024-03-15T18%3A29%3A59.490Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bhedera-hashgraph%3BHBAR%5D%3B%5B1%3Bvolume_usd%3Bhedera-hashgraph%3BHBAR%5D&amp;wax=0%3B1&amp;wc=%2356bf6c%3B%235c89bd&amp;ws=%7B%22node%22%3A%22filledLine%22%7D%3B" scrolling="no"></iframe>
<p>Moreover, the Convex Finance crypto noted a significant drop in the price along with the volume inflow in January when the price fell after a surge in December. The average daily volume received in January was $170 Million.</p>
<p>However, the CVX crypto noted a significant rise in volume and price in February. The average volume surged to $311 Million in February. Also, the volume has dropped significantly in the recent sessions indicating a possible correction in the price.&nbsp;</p>
<p>The intraday volume received was at $20.89 Million with a rise of nearly 51.4% as compared to the previous day. Also, the live market capitalization of CVX crypto was $420.41 Million and it ranked 182nd in the overall crypto market.</p>
<h2 class="wp-block-heading" id="strong-cvx-crypto-social-dominance-saw-a-drop-strong"><strong>CVX Crypto: Social Dominance Saw A Drop!</strong></h2> <iframe loading="lazy" title="Santiment Chart: Social Dominance (HBAR), Price (HBAR), Social Volume (CVX)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=convex-finance&amp;pt=CVX&amp;df=2023-10-26T00%3A00%3A00.000Z&amp;dt=2024-03-15T18%3A29%3A59.490Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bhedera-hashgraph%3BHBAR%5D%3B%5B1%3Bprice_usd%3Bhedera-hashgraph%3BHBAR%5D%3Bsocial_volume_total&amp;wax=0%3B1%3B2&amp;wc=%23337db0%3B%23316d30%3B%2368DBF4&amp;ws=%7B%22node%22%3A%22filledLine%22%7D%3B%7B%22node%22%3A%22area%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>The social dominance sentiment is an indicator of the increasing or decreasing acceptance of <a href="https://www.thecoinrepublic.com/2024/02/02/convex-finance-price-analysis-will-the-cvx-price-smash-5-mark/" target="_blank" rel="noopener noreferrer nofollow">Convex Finance </a>crypto among users. The social dominance chart noted a surge in social dominance and social volume in January. However, the social dominance of CVX cryptocurrency fell in March.</p>
<p>The decreasing social dominance and social volume may also have a negative impact on the CVX price as the decreasing participation of users may reduce the demand and the crypto price may experience a short-term correction.</p>
<h2 class="wp-block-heading" id="strong-technical-indicators-imply-weakness-in-the-trend-strong"><strong>Technical Indicators Imply Weakness In The Trend.&nbsp;</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (HBAR), RSI 7d (CVX)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=convex-finance&amp;pt=CVX&amp;df=2023-10-26T00%3A00%3A00.000Z&amp;dt=2024-03-15T18%3A29%3A59.490Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bhedera-hashgraph%3BHBAR%5D%3Brsi_7d&amp;wax=0%3B1&amp;wc=%23373d9d%3B%23FF5B5B&amp;ws=%7B%22node%22%3A%22area%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22__appliedInterval%22%3Atrue%7D" scrolling="no"></iframe>
<p>From a technical point of view, the Relative Strength Index (RSI) indicator was currently placed at 55.2 points and that of the SMA line was placed at 59.8 points. Moreover, A bearish crossover of both the lines was observed on the charts indicating a short term correction in the crypto.&nbsp;</p>
<p>As per the EMA analysis, the CVX token price has broken below the 20-Day and is currently hovering near the 50-Day EMA highlighting weakness in the trend. The price may drop more if it breaks below the 50-Day EMA.</p>
<h2 class="wp-block-heading" id="strong-cvx-crypto-trend-analysis-strong"><strong>CVX Crypto Trend Analysis</strong></h2> 
<p><a href="https://in.tradingview.com/chart/CVXUSD/mSPVSyNe-CVX-Crypto/" rel="noopener noreferrer nofollow"></a> <a href="https://in.tradingview.com/u/Ritika_TCR/" rel="noopener noreferrer nofollow"></a> on <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p>The short-term trend outlook is neutral until the CVX crypto is maintained in the consolidation range of $5.5 on the higher side and $4.4 on the lower side. If the price breaks out it may indicate a trend continuation and the CVX crypto price may resume to draw an upward trajectory.</p>
<p>The CVX crypto price prediction shows that the crypto could achieve a high of $6.24 and $7 if it breaks out on the higher side. It suggests an upside potential of nearly 30% by the month end.</p>
<p>On the flip side, if the price breaks below the lower boundary of the consolidation and 200-Day EMA it may validate a trend reversal. On the lower side, the $3.2 and $2.45 levels may be targeted if the price resumes after breakdown.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion.</strong></h3>
<p>The Convex Finance crypto broke below the 20-Day EMA on Friday signifying weakness in the trend. However, the trend outlook has not changed to bearish as the crypto is in a four-week consolidation zone. The bulls and bears are in a tough fight and are unable to find a clear direction.&nbsp;</p>
<p>Now, the crypto may maintain a neutral bias until it is maintained in the range. The breakout or breakdown may decide a clear trend in the short term. The volume as well as social dominance has dropped in recent sessions.</p>
<h4 class="wp-block-heading"><strong>Technical levels:</strong></h4>
<ul>
 <li>Support Levels: $4.4 and $3.2</li>
 <li>Resistance Levels: $5.5 and $6.2</li>
</ul>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

CVX Price Retraces 50 Day EMA: Are Bears Back In The Game?

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