In this Convex Finance technical analysis, we will examine the current price action, trading volume, key levels and indicators for CVX-USDT. Convex Finance (CVX) is a decentralized finance (DeFi) platform that utilizes cutting-edge convexity-based algorithms to optimize yield farming and liquidity provisioning for users. By leveraging the power of convexity, CVX enables more efficient and secure financial transactions, providing users with better returns on their investments. With its innovative approach to DeFi, Convex Finance is poised to revolutionize the way we think about financial markets and trading.
Convex Finance Price Overview:
As of May 10, 2024, Convex Finance is trading at approximately 2.471 USDT. Let’s dive into the detailed price action for CVX-USDT:
| Metric | Value |
|---|---|
| Open (O) | 2.549 |
| High (H) | 2.655 |
| Low (L) | 2.461 |
| Close (C) | 2.471 |
| Volume (C) | 735,162.69 |
- Open (O): The opening price for today’s trading session was approximately 2.549 USDT.
- High (H): Convex Finance reached a daily high of around 2.655 USDT.
- Low (L): The daily low for CVX-USDT was approximately 2.461 USDT.
- Close (C): At the time of analysis, Convex Finance is trading near its daily close of 2.471 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | -3.10% |
| 3D Change (%) | 2.02% |
| 7D Change (%) | -5.40% |
| 30D Change (%) | -32.38% |
| 90D Change (%) | -22.20% |
| YTD Change (%) | -25.21% |
Over the past three days, CVXUSDT has increased by approximately 2.02%, showcasing increased market volatility. Throughout the last week, it continued to decrease, with a loss of around -5.40%, indicating investor interest. The 30-day analysis reveals a more comprehensive perspective, with CVXUSDT maintaining a downward trend of approximately -32.38%, despite intermittent fluctuations. Examining the last 90 days, CVXUSDT has witnessed substantial fall of approximately -22.20%, reflecting strong long-term confidence. Year-to-date, CVXUSDT has steadily declined by around -25.21%, attracting both institutional and retail investors and highlighting its potential as a long-term investment.
Convex Finance Live Chart:
You can access a live price chart for CVX-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.65232.
- Momentum score is -0.021.
CVX USDT Technical Analysis
Convex Finance Trading Volume:
The trading volume for Convex Finance (CVX) over the past 24 hours has been insignificant, with approximately 735,162.69 USDT traded against CVX. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): CVX is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): Convex Finance is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for CVX-USDT is currently in the low zone, around 40.8015. This suggests that Convex Finance is in bearish territory.
Analysis from TradingView:
Our Key Takeaways:
Convex Finance (CVX-USDT) is currently exhibiting signs of short-term bearish momentum, with key support and resistance levels in focus. Traders and investors should closely monitor the USDT monthly resistance level and the USDT support level for potential trading opportunities. Additionally, the low RSI and insignificant trading volume are low signals for potential downward movement.
Delve into potential challenges for Convex Finance (CVXUSDT) at 2.47 USDT, guided by bearish technical analysis emphasizing weakened support and cautionary indicators.
Don’t skip our thorough exploration of CVX BTC Convex Finance Technical Analysis if you resonated with this post; it’s the perfect next step for deeper understanding.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.