Price Bitcoin Today logo Price Bitcoin Today logo
Cryptoknowmics 2022-05-25 10:00:13

CVX Technical Analysis: Bearish Channel Breakout Preps Bull Run

CVX prices experience an early bullish reversal resulting in the falling channel breakout and preparing a potential bull run to $14. Key technical points: CVX market value deflated by 15% in the last seven days. The Bollinger bands showcase an expansion phase. The 24-hour trading volume of Convex Finance is $8.50 Million, indicating a fall of 71.09%. Past Performance of CVX With CVX sellers taking over the trend control on May 12th, the 25% recovery with the double bottom breakout was undermined with the start of a falling channel. The lower high formation led to the bearish pattern formation, which drowned the market value by 32% in a week. Finally, however, the buyer regained consciousness and broke above the resistance trendline with an early reversal near $10. Source-Tradingview CVX Technical Analysis The CVX price retests the broken trendline and shows a post-retest reversal ready to surge above $11. Moreover, the expansion of the Bollinger bands represents a rise in the underlying bullishness, which increases the $11 breakout chances. Furthermore, the midline of the Bollinger bands supported the reversal from the $10 mark adding extra points to the bullish theory. The Stochastic RSI shows the K and D lines in an uptrend, struggling to determine the upcoming trend in the neutral territory. However, the recent crossover lowers the scales into bullish territory. Hence, the CVX technical analysis displays a bullish takeover ...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer