The price of CVX is about $20.80 at the CVX of writing, up 11 percent in a single day and the rest of the market is also in green. It is currently one of the top gainers. Today, the volume has climbed by over 136 percent. The overall new volume is estimated to be roughly $104 million.
During this CVX, the low point was around $18.61 and the high point was around $30.10. According to the most recent data released by the coin market cap, the currency has risen to number 78th, indicating that it is on many traders’ watchlists.
CVX reached a near-all-time high in December, hovering around $63. The CVX coin has a very small supply of roughly 100M coins. Around all percent have been distributed in the market, according to coinmarketcap. As a result of this small supply, CVX has become gained a huge price with just a small market cap as compared to other coins.
Technical Analysis – Convex Finance
Moving down to the technical portion and starting from the Weekly Time Frame, for the past 6 weeks CVX has been printing bearish candles which have made a significant decrease in the value of the price. After this coin was launched on Binance, it went all the way up to $63.11, and afterward, it dropped hard till $16.21. Now as the price has an impulse down, on Lower Time Frame a correction of this wave can be expected.
Nothing more on the Weekly Time Frame, so moving down to the Daily Time Frame, it can be seen that price has been creating Lower Lows and Lower Highs, but price recently unfolded a Pole Flag pattern and followed it very closely. Moreover adding to it, the price also completed an ABCD pattern which is a harmonic pattern. So seeing these two unfold, some counter-trend longs can be taken.
Jumping down to the 4 Hour Time Frame, It can be clearly seen that the price did a structure shift and flipped the last standing Supply Zone so now the Demand Zone is in control. The bullish momentum that emerged was extremely strong which left a lot of Imbalance within it. Now price is reaching the last Demand from where buys can be taken till $24.81
Price Prediction – Convex Finance (CVX)
CVX has been one of the market’s most optimistic coins. Despite the fact that the price of CVX has risen dramatically in just a few days. CVX is expected to reach a value of $63.017 in a year, according to the wallet investor. When compared to the current price of the coin, this is an increase. In five years, the price is expected to reach more than $239.705. However, traders are enthusiastic about the price movement and believe it will be worth much more in the future.
