$CVX losing steam? ⚠️ Time to watch closely!

Convex Finance ($CVX) has been stuck in a sideways grind for a while, and the recent price action isn’t giving much hope for a breakout. Sitting around $1.99, the price has been under constant pressure from the 7-day and 25-day moving averages, which are acting as resistance at $2.01 and $2.05 respectively. Even worse, the 99-day moving average is hovering above at $2.30, showing that $CVX is trapped under multiple levels of resistance.

The MACD is also showing a concerning trend. Both lines are moving in negative territory, with the histogram confirming decreasing momentum. This signals that any upward push is being quickly rejected. Volume is also relatively low at 14.3K, showing that the market isn’t ready to pour in fresh capital just yet.

There could be some small bounces here and there, but overall, it’s hard to see $CVX breaking out of this bearish zone unless something changes drastically. A drop below $1.90 could trigger more sell-offs, so keep an eye on those support levels!