CVX Technical Analysis: Will It Hit $3.40 This Week?

Convex Finance(CVX) prices decline by 15% in response to the increase in selling in the U.S. markets. The market price breaches the $5 mark with an increase in selling pressure teasing a downfall to the $3.40 support level. So, should you avoid buying this dip and wait for it to reach $3.40? Key Points: The CVX price action displays a bearish candle showing a downtrend continuing below $5. The MACD indicator shows a downtrend in the fast and slow lines. With a market cap of $331 Billion, the intraday trading volume of Convex Finance has increased by 8.37% to reach $9.60 million. Source- TradingView CVX Technical Analysis Convex Finance(CVX) price chart displays a surge in the selling pressure evident by the spike in trading volume supporting the downfall. As a result, the price trend reverts from the 20-day SMA, dropping below the $5 mark. The bearish breakout of $5 projects the possibility of a downfall to the $3.40 mark. Moreover, the daily candle below $5 highlights a selling possibility for sideline traders. If the selling pressure persists in the crypto market, the CVX price could nosedive below the $4.0 mark. This breakdown is to extend the correction to $3.40 bottom support. Conversely, a possible reversal from $5 will surge the price 25% higher and hit the $6 mark. Moreover, the bullish recovery will reflect the formation of a double bottom pattern. This reversal pattern will accelerate the bullish momentum once the pr...