CVX coin price shows a bull cycle within the falling wedge ready to surpass the resistance trendline. Should you be interested in an early bullish entry?

Key technical points:
<ul>
 	<li style="font-weight: 400">CVX's price sustains above the $25 mark.</li>
 	<li style="font-weight: 400">The EMAs achieve a bearish alignment.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Convex Finance is $19.05 Million, reflecting a rise of 53%. </li>
</ul>
<h2>Past Performance of CVX</h2>
CVX coin price shows a downtrend in a falling wedge fashion accounting for deflation of 30% last month. However, the recent reversal from the support trendline comes with a double bottom breakout and shows a growth of 15% in the last 24 hours. However, the resistance trendline and the resisting EMAs keep the bullish growth in check.

<img src="https://s3.tradingview.com/snapshots/m/mLmAzaME.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/mLmAzaME/">Tradingview</a>
<h2>CVX Technical Analysis </h2>
The CVX coin price retests the 50-day EMA breakout and sustains above the $25 mark reflecting a surge in underlying bullishness. Hence, the chances of trendline breakout to reach the $30 mark is still significant.

The flattish trend of the key 4-hour EMA is a strong rebuke to the bull run, while remaining in the bearish alignment. But, the break of the averages could indicate a potential buying opportunity.

MACD Indicator: The MACD and signal lines surpass the zero line after the recent bullish crossover reflecting a rising underlying bullishness. 

RSI Indicator:  The RSI slope continues an uptrend to surpass the halfway line with the support of the 1-day average. 

In a nutshell, the CVX technical analysis projects the increased possibility of a bull run above the resistance trendline.
<h2>Upcoming Trend </h2>
CVX coin price faces opposition from the resistance trendline and the 4-hour EMAs preparing for another bear cycle reaching the support trendline. However, the bullish breakout will result in a rally to the $30 mark.

Support Levels: $26 and $24

Resistance Levels: $27 and $30

CVX Technical Analysis: Bulls Ready To Crush Falling Wedge 

CVX coin price shows a bull cycle within the falling wedge ready to surpass the resistance trendline. Should you be interested in an early bullish entry?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

CVX Technical Analysis: Bulls Ready To Crush Falling Wedge

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