Amid the growing volatile market, the CVX price trend shows a bullish rally in motion. Despite the intraday pullback, the recovery rally in the altcoin teases a breakout run as the demand grows.
With the overnight surge creating a solid bullish recovery, the CVX price teases a 2x rally upon breakout. Will the bullish rally in the CVX price surpass the psychological mark of $5?
Bullish Recovery For Convex Finds Opposing 200D EMA
With a market cap of $276M, Convex Finance is up by 7% in the last 24 hours to challenge the lower high trend. The overnight surge of 26% leads to a massive engulfing candle as the reversal rally from the $2 psychological mark gains momentum.
Facing the immense supply pressure at the overhead trendline, the ongoing recovery rally takes a minor drop. Currently, the CVX price trades at $2.840 with an intraday fall of 5.62% under the 200D EMA.
The minor correction tests the bullish dominance at the 23.60% Fibonacci level at $2.811. While the post-retest reversal chances are high, the massive supply at the overhead trendline will decide the next course of the CVX price trend.
Technical Indicators:
MACD: The bullish reversal in the MACD and signal lines gives rise to a bullish crossover and surpasses the zero line. Further, the growing positive histograms reflect a gradual surge in demand.
Will The CVX Price Surpass $5?
Despite the ongoing retest of the 23.60% Fibonacci level at $2.811, the uptick in the 50D EMA teases a golden crossover possibility. Further, the overnight 26% rise reflects an equally massive rise in the demand for CVX tokens.
Thus, the trendline breakout chances are significant in the CVX price trend. As per the Fibonacci levels, the trend reversal rally could challenge the previous swing high at $5.50 for more than a 100% surge.