$CVX /USDT - Convex Finance Climbs to New Heights!
Overview:
Convex Finance (CVX) has been on a remarkable uptrend, surging over 32% in the past 24 hours. The price has broken above key resistance levels, indicating a strong bullish momentum. The MACD indicator is also showing a bullish crossover, further supporting the uptrend. However, the RSI is currently overbought, suggesting that a short-term pullback may be on the cards.
Trade Scenarios:
* Long: Buy CVX/USDT at the current price with a stop-loss at $4.747 and a take-profit at $7.396.
* Short: Wait for a pullback to the $6.470 level before shorting with a stop-loss at $7.136 and a take-profit at $5.546.
Market Outlook:
The overall outlook for CVX/USDT remains bullish in the short to medium term. However, traders should exercise caution due to the current overbought conditions. It is advisable to monitor the price action closely and adjust positions accordingly.