CVX Price Analysis: Post-Correction Rally Aims To Surpass $8.2

CVX Price Analysis: Post-Correction Rally Aims To Surpass $8.2

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CVX Price Analysis: Post-Correction Rally Aims To Surpass $8.2

CoinGape12 days ago
TOPTOP
RallyRally
AIMSAIMS
Convex FinanceConvex Finance
ParallelParallel
Published on August 06, 2022 03:58 GMT+00:00edited on August 06, 2022 17:59 GMT+00:00

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CVX

The CVX/USDT technical chart shows the last two months’ recovery rally wobbling between two trendlines, indicating the formation of a parallel channel pattern. The recovery rally has marked its recent top at the $8.23 mark indicating a 143% gain from the June bottom support of $3.4. Last week the altcoin went through another retracement, offering a discount opportunity for traders

Key points:

  • The CVX price rebounded from the support trendline with the morning star candle
  • The RSI indicator shows a bearish divergence in the daily chart
  • The intraday trading volume in the Convex Finance Token is $12.3 Million, indicating a 45.2% gain

CVX/USDT ChartSource- Tradingview

Over the past two weeks, the CVX price reverted twice from this resistance, validating it as a significant supply region. Thus, the …