The CVX technical analysis shows a post-retest reversal from $5 to challenge the overhead resistance of the 50-day SMA. Will prices exceed the opposing SMA? Key Technical Points: CVX prices have increased by 8.61% in the last 24 hours. The price action shows a post-retest reversal rally challenging the 50-day SMA. The 24-hour trading volume of Convex Finance is $24.43 Million, indicating a rise of 113%. Past Performance of CVX The CVX price action Shows a 29% jump on July 5th, resulting in the breakout of the resistance trendline and reaching the $6.5 mark. However, the 50-day SMA avoids the bullish growth and results in a retracement to retest the broken trendline and the psychological mark of $5. Nonetheless, the buyers regain trend control with a post-retest reversal accounting for a 20% jump and challenging the opposing SMA once again. Source – Tradingview CVX Technical Analysis The CVX prices show an increase in intraday trading volume supporting the post-retest reversal. This increases the likelihood of an SMA breakout to continue the uptrend. Hence traders can expect the rise in demand will likely fuel the upcoming uptrend. The MACD and signal lines maintain an uptrend and reflect an increase in the underlying bullishness. Hence the technical indicator shows a bullish bias, forecasting an uptrend continuation. The RSI indicator shows a gradual increase in the underlying bullishness as the slope sustains above the halfwa...
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