š$CVX CVX/USDT ā Under Heavy Pressure!
š Current Price: $4.054 (-19.60%)
š 24H High: $5.259
š» 24H Low: $4.043
š° Volume:
CVX: 1.89M
USDT: 8.43M
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Market Analysis
Convex Finance (CVX) is experiencing a sharp sell-off, losing nearly 20% in the past 24 hours. The pair has dropped to its daily low of $4.043, a critical level that could determine the next move.
Immediate Resistance: $4.50 ā A break above this level is essential for a recovery toward $5.00.
Support Zone: $4.00 ā This psychological level must hold to avoid a further slide to $3.80.
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Next Moves
1. For Buyers:
Look for entries near $4.00, targeting $4.50 and $5.00 for potential rebounds.
Watch for volume confirmation and signs of stabilization.
2. For Sellers:
Monitor for rejection near $4.50 to short, targeting $3.80 as the next support level.
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Key Insights
Bearish Momentum: The strong downtrend suggests sellers are in control, but oversold conditions could lead to a relief bounce.
Volume Activity: High trading volume indicates strong market interest, albeit skewed toward selling.
Risk Management: Tight stop-losses are crucial in this high-volatility environment.
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Final Thought
CVX/USDT is at a critical level. Traders should closely monitor the $4.00 support zone for potential recovery or further downside action. Stay cautious and adapt to market conditions.
