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Convex Finance Price Pumps 44.5% In A Week To $5 – Here’s Why $10 Is On The Horizon?

Convex Finance
Convex Finance

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Convex Finance price broke out leaving only dust behind, from lows around $3.00 in early January to a two-month high of $5.30. The breakout can be attributed to a falling wedge pattern’s bullish outcome that foresaw a 34.75% move to $4.38.

Similarly, as Convex Finance price ascended to higher levels, more buyers were convinced the uptrend would hold, which might explain the move to $5.30. Meanwhile, profit booking has forced CVX to let go of some of the accrued gains as it searches for higher support and possibly more liquidity before carrying on with the second phase of the recovery eyeing $10.00.

What’s Behind Convex Finance Price Rally?

Convex Finance price started climbing the ladder from support at $3.00 as soon as the team announced changes to the protocol’s staking service in early January. The proposed changes would see users in the CVX ecosystem earn more rewards, bolstered by the privilege of having more control over the rewards they will receive.

The development team proposed additional changes to the protocol’s fees, at the same time, repurposing some existing rewards to incentivize the staking service. According to the announcement, these improvements will be implemented on Convex and Curve token (cvxCRV), the derivative staking system on Curve.

(1) Convex Finance on Twitter: “Happy 2023 🎉! The first update of the year is here; updated dynamics for $cvxCRV staking are coming soon. More inside! https://t.co/tXey1HicjX” / Twitter

Following the implementation of the proposed changes, users will have the freedom to add more incentives to their cvxCRV staking. That’s not all, users can adjust the rewards they receive, diversifying them to include curve (CRV) and convex (CVX) tokens.

Convex Finance is a fast-growing platform, providing users on Curve Finance, an Ethereum-based stablecoin exchange, with access to liquidity and trading fees. The total value locked (TVL) in Convex Finance holds at $3.81 billion, a figure significantly below the DeFi platform’s peak of $21.17 billion in January 2021.

Convex Finance
Convex Finance TVL

Convex Finance Price Rally Takes a Breather At $5.30, What’s Next?

Convex Finance price is exchanging hands at $4.88 at the beginning of the European session on Tuesday. The formation of a green candle after CVX retraced to $4.72 shows how willing investors are ready to back another humongous northbound move.

Most of the technical indicators applied to the daily chart affirm the bullish outlook in Convex Finance price. Notice CVX sitting above all the three major moving averages, with the 50-day Exponential Moving Average (EMA) (in red) holding the ground at $3.67, the 100-day EMA (in blue) at $3.75, and the 200-day EMA (in purple) at $4.28.

This is the first time Convex Finance price has made a clear break above the longer-term 200-day EMA. Therefore, with a little push, CVX price may validate the resumption of its $10.00-bound uptrend.

Convex Finance price
CVX/USD daily chart

Convex Finance price will keep trending north as long as the optimistic outlook from the Moving Average Convergence Divergence (MACD) indicator is upheld over the coming days.

Notice the wide divergence created by the MACD (line in blue) above the signal line (in red). Furthermore, the momentum indicator sits significantly above the mean line (0.00), supported by long green histograms.

A break and hold above $5.00 would go a long way to affirm the bulls’ grip on Convex Finance price, thus calling on more investors to join the $10.00-bound train that left the station nearly three weeks ago at $3.00. Therefore, the momentum behind Convex Finance price will likely increase upon confirmation of a sustainable move above $5.00.

Traders must, however, tread cautiously and keep an open mind to the possibility of a correction retesting support at the 200-day EMA before easing into the second bullish leg to $10.00. Such a pullback would not be a farfetched idea as it would allow more buyers into the market, thus contributing to the bullish momentum.

Alternative Altcoins to Consider for Bigger Returns

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An M2E fitness app will allow members to earn from the workouts and challenges they complete. FightOut stands from other M2E platforms by tracking user progress, rewarding hard work, and ensuring a seamless transition from Web2 to Web3.

FightOut’s presale is underway and has raised $2.9 million by selling 1 FGHT for 1 USDT. Investors can take advantage of a 50% bonus to buy FGHT, but only until the presale hits the $5 million mark.

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Meta Masters Guild - Play and Earn Crypto

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