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Convex CRV (cvxCRV) has been on a rollercoaster ride the past few days.
It dropped as much as 84% from $0.704 on August 30 to reach a low of $0.89 before rallying about 250% the following day to reach as high as $1.703.
Then the price turned down, and is now trading at $0.5267 as bears try to pressure it lower.
cvxCRV/USDT Daily Chart
Note that a daily candlestick close below the immediate support at $0.4955 would extend the ongoing correction with the first line of defense arising from the $0.4 psychological level.
Additional support lines emerge from the $0.45 support level and the $0.30 demand zone. Breaching these levels would see the Convex CRV price drop toward the $0.20 buyer congestion zone. Such a move would represent a 62% drop from the current price.
Supporting this gloomy outlook for cvxCRV was the downward trajectory taken by the Relative Strength Index (RSI) as shown in the chart above. The value of this trend-following indicator at 32 painted near oversold conditions suggesting that Convex CRV was firmly in the hands of the bears.
Also adding credence to the token’s bearish narrative was the position of the 50-day simple moving average (SMA) above this price. This added to the hurdles the price faces in its upward path.
On the other hand, the near-oversold conditions suggest that the downtrend could soon run out of momentum, pointing to a recovery in the near term. As such, Convex CRV price could turn up from the current level to tag the $0.60 resistance level. A rise higher could see the cvxCRV climb to confront resistance from the 50-day SMA at $0.6969 or the $0.80 psychological level.
Traders could expect Convex CRV upside to be capped here given that the price has failed to break this level several times before.
Convex CRV is a tokenized form of veCRV, a vote-escrowed CRV token. It is a revenue-earning token which receives rewards from the Convex protocol and admin fees from the Curve protocol.
Convex CRV Alternatives
Given the rollercoaster nature of Convex CRV’s recent performance, investors may want to consider Wall Street Memes (WSM).
It is undeniably sparking interest in the crypto space, and yesterday what appeared to be one crypto whale invested 460 ETH, or about $850,000, from five different wallets.
Wall Street Memes is one of the internet’s most powerful retail investing communities, with a massive 1 million-strong follower count across its various social media channels.
bolstering the portfolio of meme coins. The project challenges the traditional capitalist narrative, striving to provide an inclusive financial landscape accessible to all investors, regardless of their economic status.
Through the incorporation of humor, community engagement, and broad acceptance, the project has emerged as a symbol for small-time investors.
The native token, $WSM, has captured substantial interest from investors, managing to raise over $19.2 million, edging ever closer to the presale hard cap of $19.9 million.
The token is currently priced at $0.0325 but will rise to $0.0328 during its next stage, giving early investors an edge once the WSM is listed on exchanges. As such, interested investors are urged to buy now before the price increases.
An intriguing aspect of this token is that 30% is reserved for rewarding the community, suggesting potential airdrops for token holders in the future. The inaugural $WSM airdrop is currently underway. Market experts foresee a bright trajectory for Wall Street Memes as it prepares to make its exchange debut.
Visit Wall Street Memes here for more information on how to participate in the presale.
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