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CVX Price Prediction: Can Investors Expect The CVX Price to Reach $17.51?

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CVX Price Prediction for 2023
CVX Price Prediction for 2023

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Last week, the price of Convex Finance was $6.03. It is now at $6.56 after moving 8.82% during the last week. In reality, CVX has surged by 6.02% during the last 24 hours. The cryptocurrency market is in a mildly pessimistic mood. The long-term outlook is still positive, and CVX may hit $21.69 in 2024.

Convex Finance’s market capitalization is still $489,049,463, and its total circulating supply was $743,365,38.33 at the time this article was written. According to Convex Finance’s price forecast, CVX will be worth $5.25 in 2023 in the most pessimistic scenario. The previous all-time high for Convex Finance occurred on January 1, 2022, when CVX traded for $60.09.

Convex Finance (CVX) Price Prediction

Convex Finance experienced a busy 2021. We have separated the most recent CVX price forecast into short-term and long-term Convex Finance price predictions to make it easier to understand. When this article was written, CVX had $9,996,901 in trading volume. In the last 30 days, Convex Finance has increased by 106.4 percent.

Our study indicates that the average cost of CVX in April 2023 will be $11.95 and that the highest price that can be expected in April 2023 will be $12.79.

Additionally, based on our study over the long run, Convex Finance’s price projection for August 2023 indicates that the average cost of CVX will be $13.27, with $14.20 being the highest potential price.

The chart below shows CVX’s price outlook in the long run, according to Convex Finance. Convex Finance last saw trading at $6.56, with a capitalization of $489,049,463 and $9,996,901 in trading volume. The ability to estimate the price of CVX is made possible by examining past price behavior, current events, and public opinion.

Convex Finance (CVX): Is It a Smart Investment?

According to InvestorsObserver’s research, Convex Finance has an average risk rating. The unique scoring method examines the amount of money needed to change the price during the previous 24 hours. To assess how much a token may be influenced by restricted trading, the metric considers the latest changes in volume as well as market capitalization. On a scale from 0 to 100, low scores denote high danger, while high numbers denote low risk.

The CVX coin is now a moderate-risk investment, according to the risk gauge rank. The indicator will be most useful to traders who are concerned with a risk assessment to eliminate (or add) risky investments.

Are CVX bulls prepared for the next run?

With the increase in bitcoin and the upbeat atmosphere, CVX is now seeing a significant upward trend. The CVX’s technical indicators favor a significant upward trajectory. It increased by 5% throughout the day’s trading.

A mechanism called convex finance enables Curve Liquidity suppliers to receive a cut of trading commissions. Providers of liquidity can stake using Convex & benefit from increased CRV and mining incentives. Convex finance was created by unidentified developers, although investors have long been interested in it. Curve Wars heavily relies on Convex’s distinct incentive structure. There are 100 million of them in all, and 74% of them are now being traded. It has now decreased by 61% from its peak. A V-shaped recovery is visible on the daily chart. Many analysts anticipate a significant rise in the next few years.

Convex Finance is positioned 89th in the cryptoverse and has a market worth of $395 million. A 103% increase in volume for the CVX suggests a bullish trend. The CVX turnover to market valuation ratio points to a sluggish upward trend.

A sluggish upward trend in price is shown by Convex Finance’s weekly technical chart. On the daily chart, it is now trading close to $5.35 with an intraday gain of 1%. CVX’s upward trend may come to an end near $8.5. CVX’s downward trend may be coming to an end near $3.5. Trading is above the 50- and 100-DMAs. A favorable crossover is possible. The CVX’s RSI is close to 77, which points to a sluggish downward trend. For the coin, the RSI’s overall mood is negative.

The price of the CVX token reverses from the area of long-term demand

The Convex Finance coin had formed a bullish trend pattern after recovering 68% from recent lows of $3.00. The price of CVX Token has recaptured the 50-day EMA, and everyone is moving in the direction of the supply area. The intraday increase in the price of CVX cryptocurrency of 13% pushes the RSI above the (84) overbought zones.

Buyers are attempting to keep the price of the Convex Finance token just above the 50-day Exponential Daily Average as it is trading with optimistic signals (EMA). According to Coinglass, the long/short ratio for the past 24 hours is 0.97, which shows a slight bearishness in the derivatives market, but the price movement is favoring the bulls.

The CVX/USDT exchange is now trading at $4.850, up 10.03% intraday, with a 24-hour traffic-to-capitalization ratio of 0.1224. Convex Finance’s token price had a rapid 68% daily rebound and was able to maintain costs above its 50-day exponential moving average. Since a few weeks ago, the price of CVX has been following a bearish trend and has fallen while establishing lower lows as well as swings. But most recently, the price level got help at $3.00 and turned higher in the bulls’ favor.

The CVX cryptocurrency price produced a bullish hammer spike in January, close to the long-term demand zone. This was followed by a burst of aggressive purchasing from lower levels, suggesting that some initial purchasers who anticipated a price increase may have acquired long positions. The 200-day EMA’s downward slope as well as a swing high resistance at $8,000 will serve as the next obstacle for the bulls to clear as the current price is close to the supply zone.

Since nine days ago, CVX’s cost has been rising, driving the RSI curve into an overbought zone. Therefore, $4.00 and $3.00 will serve as support levels if the price initiates a little sell-off from higher levels. This demonstrates the high trend, which is indicated by the MACD curve’s positive crossing and the rising histogram bars, while the increasing volume bars signal that traders are still engaged and looking for opportunities to open long positions.

Final Words

Investors were taken aback by the Convex Finance token’s tremendous uptrend, and the bulls were able to keep the prices above the 50-day moving average. Although the technical indicators imply that prices are close to the overbought zone and that a little correction may occur at any time from the high levels, the EMA suggests that the rise is real and sustained.

As a result, traders may attempt to purchase CVX around the 50-day EMA breakdown and target levels of $6,000 and higher while maintaining a $3.500 stop loss. If prices fall below $3,000, bears may seize control and drive prices down to $2.000. Convex Finance has benefited significantly from the rise of Bitcoin. Many CVX investors anticipate a significant shift shortly.

CVX Alternatives

There are similar DeFi tokens that present the same upside as CVX. These alternatives an prove to be a major asset to your portfolio in 2023.

Check out our list of best DeFi tokens right now.

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