Strong Surge in CVX Crypto Price; Are New Highs Coming Ahead?

• Convex Finance’s derivatives data represents strength in trading prices.
• The trading price of the CVX token has advanced by 92% from the all-time low.

Convex Finance (CVX) is a DeFi protocol aligned with Curve Finance, enhancing staking rewards and yield optimization for CRV holders and Curve liquidity providers. It enables users to earn CRV and FXS rewards by staking CVX tokens, functioning as a governance token.

The Total Value Locked for the Convex Finance token is $1.769B, and the market cap value of the token is $338.638M, followed by an advance of 1.89% in the last 24 hours.

The trading volume for the token has also witnessed a decline of 2.08%, resulting in a traded value of $8.812M in the last 24 hours. Also, the volume traded is 2.62% of the token’s market cap.

The maximum supply of the token is 100.0M CVX, followed by a circulating supply of 93.622M CVX. Moreover, the token’s total supply is 99.405M CVX, and the fully diluted market cap is worth $362.25M.

The circulating supply market cap of the token is 341.724M, and the market cap dominance is 0.01%. Also, this crypto asset’s volatility is medium at 4.25%, followed by meager supply inflation of -13.51%.

Convex Finance Token Derivatives Analysis

The open interest of the Convex Finance token has advanced by 4.83% in the last 24 hours, resulting in $4.20M. Despite this, the derivatives trading volume for the crypto has declined by 11.08%.

The long/short ratio of the derivatives is 1.0276, and the long liquidity witnessed in the last 24 hours is nil, while the short liquidation for the crypto is worth $2.86K.

The following data shows the dominance of the buyers in the crypto.

CVX Crypto Technical Analysis

The CVX crypto was following a solid downtrend for a long time. Despite the vast sell-off and decline in the crypto price, it is currently trying to recover from the lower levels by forming bullish price action. 

Further, there is a substantial change of character level at $4.26, and a breakout in the price above this level might lead to further highs in the price. 

CVX/USD Chart by TradingView.com

The EMAs on the daily chart of the CVX token price are not bullish, while the crypto’s price has advanced above the 20,50 and the 200-day EMA. Despite this, the EMAs are following a death cross while the band of the EMAs are reversing, indicating a possibility of a golden cross in the future.

The MACD indicator depicts a solid bullish trend and a buy signal on the charts as the MACD and the signal line have advanced above the zero level. A bullish crossover also occurred between the MACD and the signal line. 

The RSI on the daily chart of the CVX has consistently advanced to overbought zones, leading to a breakout above the 14-day SMA. The following behavior of the RSI depicts strong momentum in the crypto trading price. 

Summary

The CVX token is experiencing a notable surge, rising 92% from its all-time low. Following an upward trend in derivatives open interest and bullish technical indicators. Breakouts above key levels may lead to further highs, signaling potential bullish momentum ahead.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.