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The Convex Finance price surged 63% in the last 24 hours to trade at $3.65 as of 04:00 a.m. EST on trading volume that skyrocketed 1,336% to $177 million.
Convex Finance Price Set To Soar Over The Consolidation Channel
After hitting the $5 resistance zone in March, the Convex Finance price went on a downtrend, with the bulls retreating to the $2.12 support zone, according to data from GeckoTerminal.
The price of Convex Finance has been trading within this range, with the bulls and bears fighting for dominance within the consolidation phase.
CVX price trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), having breached the two resistance zones at $2.57 and $3.37, respectively.
Moreover, the Relative Strength Index (RSI) on the 1-day chart indicates that buyers have an upper hand, as the RSI climbs up to trade around 71, a sign of intense buying pressure.
The Moving Average Convergence Divergence (MACD) is also bullish, with the MACD line (blue) crossing over the signal line, a representation of a bullish crossover. A bullish crossover often encourages the bulls to buy more, which may push the token further to reclaim its previous resistance zone.
The Average Directional Index (ADX) is trading up over level 25, currently at 30, which indicates that the price of Convex Finance is on a positive momentum.
Convex Finance Price Prediction
As per the Convex Finance long-term price analysis, the bulls seem to have won the contest on the consolidation phase to push the token over the channel, as they aim to sustain the surge as they target $3.8.
The main technical indicators show that optimistic investors are taking advantage, with the MACD and RSI soaring to indicate that the asset is being overbought.
However, with the asset being overbought, there may be an incoming price correction as the bears may start booking profits, which may push the token down back to the support zone around $2.02.
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