The CVX price action shows a bearish reversal as the buyers fail to push the trend above $0.22, resulting in a retest of the $0.20 breakout. Key Technical Points: The Convex Finance price has dropped by 30% in the last week. Moreover, the price action displays a streak of bearish candles over the last week. With a market cap of $348 million, the intraday trading volume of Convex Finance has increased by 3.80% to reach $7.97 million. Past Performance of CVX As mentioned in our previous analysis, the CVX price breaks below the support trendline of the bullish channel pattern resulting in a fallout rally. Moreover, the bearish trend accounts for a 30% fall last week to reach the crucial support level of $5. The price action displays a streak of bearish candles over the week with a surge in trading volume, reflecting a boom in selling pressure. Source – Tradingview CVX Technical Analysis As the supply inflow increases, the CRV price action displays a high possibility of a downtrend continuation below the crucial support level of $5. Hence, sideline traders can expect a short-term selling opportunity once the $5 support level falls. As the Convex Finance token market price falls below all the 50-day EMA in the daily chart, the bearishly aligned daily EMAs regain momentum. The daily RSI slope maintains the falling trend under the halfway line, ready to break the oversold boundary. Moreover, the MACD indicator displays the fast and s...
