The CVX price breaks below the support trendline, teasing a downtrend continuation to the 50-day SMA. Will this downtrend continue to $6? Key Technical Points: The Convex Finance (CVX) price dropped by almost 5% in the last 24 hours resulting in the expanding channel fallout. The market price approaches the 50-day SMA to seek a bullish haven and attempt a reversal. With a market cap of $462 billion, the intraday trading volume of Convex Finance has decreased by 12% over the last 24 hours to reach $9.61 million. Past Performance of CVX As warned in our previous analysis, the CVX prices reverse from the supply zone at $8 to break below the support trendline. In addition, the overnight drop of 4.96% in Convex Finance prices resulted in a candle closing below the support trendline. However, the lack of follow-through of the breakout candle projects the possibility of a bullish reversal from the 100-day SMA. Source – Tradingview CVX Technical Analysis The CVX technical chart displays the market price ready to reach the lower support of the 50-day SMA slightly above the $6 mark. Hence, traders can find multiple short-term selling opportunities at the current market price. As the Convex Finance market price falls, the possibility of a drop to the 50-day SMA increases due to the lack of any intermediate support level. The daily-RSI slope moves slightly above the halfway line but remains below the 14-day average line. Hence the technic...
