The CVX technical analysis shows a bearish breakout of the consolidation range, displaying a potential bearish rally to the $3.40 mark. The CVX price action shows a downfall below the crucial support level at $4.90 over the last two days. With a huge bearish candle, the consolidation breakdown gives a selling opportunity. But, will the bearish breakout rally crash the Convex Finance market value to $3.40? Key points:
- The Convex Finance prices show the $4.90 breakout.
- The fallout rally may shortly reach the $3.40 mark.
- The intraday trading volume in Convex Finance is $13.45 Million.
CVX Price ChartSource-Tradingview
CVX Technical Analysis
The CVX price failed to sustain the consolidation range above the $4.90 support level due to the increased selling pressure over the weekend. The bearish engulfing Candle in the Convex Finance Technical chart results in the breakdown. The bearish breakdown of the range gives a selling opportunity at the current market price for the sideline traders. Additionally, the declining trend in the 50-day EMA increased the bearish influence over the range resulting in the breakdown. Furthermore, the rising trend in the intraday trading volume supports the bearish engulfing candle. Hence, the traders can expect a downfall to the $3.4 support level. However, if a bullish reversal propels the prices above the $4.9 level, a price jump to the overhead resistance of $6 is possible.
Technical Indicator
The RSI slope shows a falling trend below the halfway line approaching the oversold boundary. Moreover, the MACD and signal lines gain a bearish spread after the recent crossover, fueling the negative trend in histograms. Therefore, the technical indicators reflect a rising trend in selling pressure. As a result, the CVX technical analysis takes a bearish standpoint and offers a selling opportunity with the pattern breakout. Resistance levels- $4.9 and $6 Support levels- $4 and $3.40
