CVX Price Eyes $5 Mark: Can It Extend The Bullish Wave?

Convex Finance (CVX) price exhibited a massive recovery from the low of $2 with a sharp rebound. It made a double bottom and accumulated from the demand zone.

For the past few weeks, it was hovering inside a descending triangle pattern and moved in a range. Recently, the token has reversed from its vital demand zone of $2.

With the turnaround in the market sentiment, the token exhibited a demand surge and buyers began their accumulation.

How is CVX Price Performing Right Now?

CVX price is eyeing to cross its falling trendline barrier of $3.50 and awaiting a breakout. However, the token made an impressive pullback and sustained above the cluster of $3.

Recent accumulation accompanied by intense volume surge of over 330% fueled the bullish phase. The short covering move is on the horizon and if it were to be triggered, the token might reach the $5 mark soon.

At press time, Convex Finance was trading at $3.32 with an intraday rise of over 16.23%, highlighting bullishness. Its trading volume soared over 320% and the market cap rose to $320.61 Million. 

In terms of market cap, CVX was ranked at 173rd with a total supply value of 99.68 Million.

CVX Price Set For a Breakout?

The daily chart setup conveyed the bullish projections. The token displayed a gigantic pullback from the demand zone and gained traction.  

Meanwhile, the mighty bulls are setting their vision on the pivot hurdle of $3.50 to cross for a next bullish leg up. Once the significant cluster is breached, massive upward bullish moves could be seen ahead.

The RSI curve saw a sharp vertical spike from the oversold region and reached the overbought zone, conveying sustained buying pressure on the chart.

@Dow.eth in his tweet mentioned that CVX is set to breach its downward sloping trendline hurdle and can reach the upward territory ahead.

Development Activity and Futures Open Interest Data Outlook

Amidst the price rebound, the development activity data showed flat moves as it stayed above the midline zone at the 0.238 mark. Notably, it reflected a positive stance and revealed sustained growth of the ecosystem.

The Futures Open Interest noted an immense rise over 115% and rose to $10.77 Million, signifies a sharp long addition in the last 24 hours.

Active Addresses and Network Growth Insights

Following the impressive price increase, the active addresses data surged by over 12% to 558, reflecting the buyers’ confidence in accumulating CVX.

Meanwhile, the network growth value still looks flat at around 23, reflecting stability in the ecosystem. However, the increased fluctuations shown in the velocity data conveyed the heightened frequency in trading activity within the past 24 hours.

If CVX fails to gain rapidly, it may retest the immediate support zone of $3, followed by $2.70. Conversely, if it extends the rebound, it may face the upside hurdle of $4 followed by $4.70.

Convex Finance token price has crossed the upward cluster of $3 and trapped the bear cartel. If the token held the gains beyond the 200 day EMA ahead, confirmed uptrend can be seen.

The post CVX Price Eyes $5 Mark: Can It Extend The Bullish Wave? appeared first on The Coin Republic.