CVX Price Prediction 2022-2025: Will the Bull Cycle in This DeFi Token Result in a Breakout Run?

Amid the growing volatile market, the CVX price trend teases a double-bottom reversal within a descending triangle. Furthermore, with a market cap of

Amidst the volatile market conditions, the CVX price action hints at a double-bottom reversal pattern within a descending triangle. Notably, Convex Finance price, boasting a market cap of $211M, witnessed a 4.47% rise over the past 24 hours, indicating a potential bull cycle on the horizon.

Collectively, these observations beg the question: Will this DeFi token's bull cycle culminate in a breakout run? Let's delve deeper to uncover the possibilities.

Descending Triangle For Convex FinanceExamined on the daily chart, a prominent resistance trendline becomes evident, revealing the strong bearish influence on Convex Finance price action. However, on the other hand, we observe a strong support level at $1.985, close to the psychological $2.00 mark, which forms a descending trendline.

This support level has provided multiple bouncebacks, showcasing clear bullish dominance. After a failed attempt at a bull cycle, CVX price has now dropped down to the baseline following a brief consolidation.

Currently, CVX price trades at $2.151 with a minimal intraday gain of 0.05%, following a 4.62% surge overnight. As price action approaches the baseline with a bullish candle, market participants anticipate a bull cycle to challenge the overhead trendline.

However, with the broader market volatility increasing, the chances of a breakdown are also rising.

Technical IndicatorsMACD: Over a short time frame, the MACD indicator shows the MACD and signal lines converging with a bearish trend.

RSI: On the daily chart, the RSI line showcases a lack of bullish divergence during recent dips to the baseline. Comparing this to the bottom formation in June, however, reveals a strong bullish divergence on the daily RSI.

Thus, the technical indicators remain polarized but ultimately favor the bulls.

Will CVX Price Bounce Back?According to Fibonacci levels, a bullish trend continuation will encounter the 23.60% Fib level at $2.811. If bullish momentum breaks through the overhead trendline, CVX price could target the 50% Fib level ($3.73) or the 78.60% level ($4.73).

In the event of a bearish breakout, support levels for Convex Finance are located at $1.75 and $1.50.

Check out our Yearn. Finance Price Prediction

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