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

Source- Tradingview

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