- Positive Divergence in Price DAA Metrics Adds Hope to Investors
- Curve Finance Price Technical Analysis
- CVX Price Assessment
The crypto market is heading for a recovery, with BTC again nearing the $60K mark and Ethereum claiming $2600. Conversely, Convex Finance failed to rise parallelly and has been stuck near the demand zone.
Positive Divergence in Price DAA Metrics Adds Hope to Investors
The Convex Finance (CVX) cryptocurrency price illustrates the formation of a consolidation near the demand, indicating a neutrality in the trend. However, analysts have noted a significant development in on-chain metrics: positive divergence in Price DAA. This metric reflects the unique number of users participating in transactions within a day, and its rise indicates a possible price resurgence.
Curve Finance Price Technical Analysis
From a technical point of view, a frequent crossover was observed between the key exponential moving averages (EMAs) of 20 and 50 days, suggesting a sideways trend outlook in the short term. Additionally, the CVX price lagging 28% from the 200-day EMAs suggested a bearish trend prevailing in the long term. The daily chart highlighted the formation of a descending triangle pattern with the price currently consolidating near the demand zone of $2 level as support and $2.6 level as resistance.
CVX Price Assessment
CVX was consolidating near the $2 demand zone after a significant downturn from $3.5. Analysts noted a positive divergence in daily active addresses (DAA), suggesting potential upward movement. If the CVX price manages to break out of the consolidation above the $2.6 level, it may continue to edge higher till the next major resistance of around $3.25, indicating a nearly 25% potential gain.
In conclusion, while the long-term trends for Convex Finance remain bearish, short-term technical indicators and on-chain metrics suggest a potential recovery. Investors are focusing on the $2.6 resistance level, a breakthrough of which could lead to significant price growth.
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