Rally

Convex Finance

Reversal

The post <a href="https://coinpedia.org/price-analysis/cvx-price-reversal-eyes-breakout-run-with-golden-cross-for-a-2x-rally/" rel="noopener noreferrer nofollow">CVX Price Reversal Eyes Breakout Run With Golden Cross For A 2x Rally</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Amid the growing volatile market, the CVX price trend shows a bullish rally in motion. Despite the intraday pullback, the recovery rally in the altcoin teases a breakout run as the demand grows.&nbsp;
With the overnight surge creating a solid bullish recovery, the CVX price teases a 2x rally upon breakout. Will the bullish rally in the CVX price surpass the psychological mark of $5?
<h2 class="wp-block-heading" id="h-bullish-recovery-for-convex-finds-opposing-200d-ema">Bullish Recovery For Convex Finds Opposing 200D EMA</h2>
With a market cap of $276M, Convex Finance is up by 7% in the last 24 hours to challenge the lower high trend. The overnight surge of 26% leads to a massive engulfing candle as the reversal rally from the $2 psychological mark gains momentum.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc1vJrzp9-l23Xiyf4q_oMTl8sNe8klR_MLAHguN9krUHKojVQ3pVwJxlvt-nOthyV0se17ZKHys5Ej322nmaS7Ecf89iFfIJbd9xS4uINU3JbZ4AZx-rVEtBafnhgbjF_2LQNHoa9xX9H1mO6C9wZZejdx?key=B9d7E-olHBsIExn4ZGrIKw" alt="">
</figure>
<a href="https://www.tradingview.com/x/LQ6q8uEH/" rel="noopener noreferrer nofollow">TradingView</a>
Facing the immense supply pressure at the overhead trendline, the ongoing recovery rally takes a minor drop. Currently, the CVX price trades at $2.840 with an intraday fall of 5.62% under the 200D EMA.&nbsp;
The minor correction tests the bullish dominance at the 23.60% Fibonacci level at $2.811. While the post-retest reversal chances are high, the massive supply at the overhead trendline will decide the next course of the CVX price trend.&nbsp;
Technical Indicators:
MACD: The bullish reversal in the MACD and signal lines gives rise to a bullish crossover and surpasses the zero line. Further, the growing positive histograms reflect a gradual surge in demand.&nbsp;
<h2 class="wp-block-heading" id="h-will-the-cvx-price-surpass-5">Will The CVX Price Surpass $5?</h2>
Despite the ongoing retest of the 23.60% Fibonacci level at $2.811, the uptick in the 50D EMA teases a golden crossover possibility. Further, the overnight 26% rise reflects an equally massive rise in the demand for CVX tokens.&nbsp;
Thus, the trendline breakout chances are significant in the CVX price trend. As per the Fibonacci levels, the trend reversal rally could challenge the previous swing high at $5.50 for more than a 100% surge.&nbsp;

CVX Price Reversal Eyes Breakout Run With Golden Cross For A 2x Rally

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Інші статті, опубліковані 24 лип. 2024 р.

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