đ$CVX CVX/USDT Skyrockets 30.69%: Testing Key Resistance at $5.16!
đ Current Price: $5.118 (+30.69%)
đș Resistance Levels: $5.166 and $5.30
đ» Support Levels: $5.00 and $4.71
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Market Overview
Convex Finance (CVX) is showing explosive growth with a 30.69% surge in the last 24 hours, hitting a high of $5.166. Bulls are targeting a breakout above the key resistance, while the market is holding near its highs with strong upward momentum.
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Key Indicators to Watch
1ïžâŁ Volume Surge:
A significant rise in volume indicates strong buying interest.
2ïžâŁ RSI Levels:
RSI suggests overbought conditions, signaling potential short-term consolidation.
3ïžâŁ Support and Resistance:
The immediate support at $5.00 is crucial for sustaining the bullish momentum, while $5.166 serves as a strong resistance zone.
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Scenarios to Watch
Bullish Case:
If CVX breaks above $5.166 with strong volume, it could target $5.30 and potentially $5.50 as the next resistance levels.
Bearish Risks:
A drop below $5.00 might see a pullback toward $4.71, presenting opportunities for accumulation.
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Trading Strategy
â For Bulls:
Look for a breakout above $5.166 with volume confirmation.
Targets: $5.30 and $5.50.
â For Bears:
Short positions could be considered if CVX falls below $5.00, targeting $4.71 or lower.
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Final Thoughts
CVX is riding strong bullish momentum, but the $5.166 resistance is a critical level to watch. With the surge in trading volume and market interest, a breakout could lead to further gains.
Will CVX continue its rally or consolidate near these levels? Let us know your views!