1. Descending Triangle For Convex Finance
2. Will CVX Price Bounce Back?
3. Technical Indicators

Amid the growing market volatility, the CVX price trend hints at a double-bottom reversal within a descending triangle. With a market cap of $211M, Convex Finance is up by 4.47% in the last 24 hours, potentially signaling a bull cycle.

Descending Triangle For Convex Finance

With a prominent resistance trendline in the daily chart, the Convex Finance price action reveals a massive bearish influence. However, the constant support at the $1.985 level, close to the $2.00 psychological mark, forms a descending trendline. Providing multiple bouncebacks at this level, the bullish dominance is clear. Currently, with a failed attempt at a bull cycle, the CVX price has dropped down to the baseline after minor consolidation.

Will CVX Price Bounce Back?

The CVX price is currently trading at $2.151, with a minor intraday recovery of 0.05%, followed by a 4.62% jump last night. With a bullish candle at the baseline, market participants expect a bull cycle to challenge the overhead trendline. However, amid the increased broader market volatility, the chances of a breakdown are also increasing. Based on the Fibonacci levels, a bullish trend continuation will challenge the 23.60% Fibonacci level at $2.811. With a bullish breakout of the overhead trendline, the CVX price could target the 50% Fibonacci level or 78.60% level at $3.73 and $4.73, respectively. In case of a bearish breakout, the support levels for Convex Finance are at $1.75 and $1.50.

Technical Indicators

MACD: The MACD indicator shows the MACD and signal lines merging in the short term with a declining trend. RSI: The daily RSI line struggles to showcase any bullish divergence in the recent dips to the baseline. However, compared to the bottom formation in June, the daily RSI line shows a massive bullish divergence. Therefore, the technical indicators remain polarized but favorable to the bullish team.

The potential bull cycle for CVX amid rising market volatility may signal an upward breakout. However, technical indicators remain polarized, suggesting a cautious approach.