Published 10 minutes ago by
Brian Bollinger February 2023 saw a correction phase in major cryptocurrencies. Convex Finance coin fell from $7.1 resistance to $5.5 support. However, this correction phase with a series of lower highs and lower lows is part of a well-known bullish continuation pattern called the ‘flag pattern’.advertisementKey PointsThe Convex finance coin will continue its correction up till the flag pattern is intact
CVX may see a 28% jump in price if the pattern’s resistance trendline breakout is successful
The Convex Finance Token’s intraday trading volume is $12.3 Million. This indicates a 45.2% gain
Source: Tradingview. The flag pattern formation could be considered a small break in a bullish trend that is trying to recover the bullish momentum. After an aggressive rally in January, the February correction could replenish the bullish momentum in the CRV price. The daily candle’s higher price rejection indicates that sellers are continuing to defend the pattern’s resistance trendline. Trending StoriesAlso see: Explained: What exactly is Physical NFT? If the selling pressure continues, the coin price could revert to the previous trendline. The overhead trendline is unlikely to be exceeded by the CVX price, however, it is possible that the CVX will rise. This breakout may offer entry opportunities to interested traders and signal the resumption of prior recovery.The potential price rally may drive the Convex Finance Coin price to the $10.5 markTechnical AnalysisRSI: The daily RSI slope managed to hold above the midline despite the correction phase indicating the underlying bullish momentum is strong advertisementBollinger band: the CVX coin back above the midline indicates the buyers still possess an upper hand.Curve Finance coin intraday price levelsSpot price: $6.14
Trend: Bullish
Medium Volatility
Resistance levels: $6.8 and $7.9
Support levels: $4.4 and $3.7
Share this article:About author
Disclaimer
The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story