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Convex Finance Price Prediction 2022 — Will CVX Hit $40 Soon?

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Convex Finance Price Prediction 2022 — Will CVX Hit $40 Soon?

  • Bullish CVX price prediction is $21.57 to $52.67.
  • The CVX price will also reach $40 soon.
  • CVX bearish market price prediction for 2022 is $14.99.

In Convex Finance’s (CVX) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and much other information about CVX to analyze the future movement of the cryptocurrency.

Convex Finance Current Market Status

According to CoinGecko, the price of CVX is $17.23 with a 24-hour trading volume of $12,533,775 at the time of writing. However, CVX has increased nearly 8.4% in the last 24 hours.

Moreover, CVX has a circulating supply of 53,442,799 CVX. Currently, CVX trades in cryptocurrency exchanges such as Binance, OKX, Bitget, Mandala Exchange, and BingX. 

What is Convex Finance (CVX)?

Convex Finance (CVX) is an inventive DeFi protocol built on top of stablecoins exchange Curve Finance. Convex rewards Curve liquidity providers and CRV stakers with additional DeFi yields. Convex Finance is a platform for CRV token holders and curves liquidity providers to earn additional rewards and curve trading fees on the tokens. In the future, CVX tokens will also be used for governing Convex Finance.

Convex Finance (CVX) Price Prediction 2022

Convex Finance holds the 99th position on CoinGecko right now. CVX price prediction 2022 is explained below with a daily time frame.

Convex Finance Price Prediction 2022 — Will CVX Hit $40 Soon? Blockchain PlatoBlockchain Data Intelligence | Vertical Search AI
CVX/USDT Descending Channel Pattern (Source: Tradingview)

A descending channel is designed by connecting the lower highs and lower lows of a security’s price with parallel trendlines to show a downward trend. Within a descending channel, a trader could make selling bets when the security price reaches its resistance trendline. This pattern is often followed by higher prices, but only after an upside penetration on the upper trend line.

Currently, CVX is in the range of $17.27. If the pattern continues, the price of CVX might reach resistance levels of $21.78 & $30.26. If the trend reverses, then the price of CVX may fall to  $15.91.

Convex Finance (CVX) Support and Resistance Level

The below chart shows the support and resistance level of CVX.

Convex Finance Price Prediction 2022 — Will CVX Hit $40 Soon? Blockchain PlatoBlockchain Data Intelligence | Vertical Search AI
CVX/USDT Support and Resistance Level (Source: TradingView)

 From the above daily time frame, it is clear the following are the resistance and support levels of CVX.

  • Resistance Level 1 – $21.57
  • Resistance Level 2 – $ 31.24
  • Resistance Level 3 – $39.55
  • Resistance Level 4 – $52.67
  • Support Level – $14.99

The charts show that CVX has performed a bullish trend over the past month. If this trend continues, CVX might run along with the bulls overtaking its resistance level at $52.67.

Accordingly, if the investors turn against the crypto, the price of the CVX might plummet to almost $14.99 a bearish signal.

Convex Finance Price Prediction 2022 — RVOL, MA, and RSI

The Relative Volume (RVOL) of CVX is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of CVX lies below the cutoff line, indicating weaker participants in the current trend.

Convex Finance Price Prediction 2022 — Will CVX Hit $40 Soon? Blockchain PlatoBlockchain Data Intelligence | Vertical Search AI
CVX/USDT RVOL, MA, RSI (Source: TradingView)

More so, the CVX’s Moving Average (MA) is shown in the chart above. Currently, CVX is in a bearish state. Notably, the CVX price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of CVX at any time.

Meanwhile, the relative strength index (RSI) of the CVX is at level 43. This means that CVX is in a nearly overbought state. However, this means a major price reversal of CVX may occur in the upcoming days. So, traders need to trade carefully. 

Convex Finance Price Prediction 2022 — ADX, RVI

Let us now look at Convex Finance’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.

Convex Finance Price Prediction 2022 — Will CVX Hit $40 Soon? Blockchain PlatoBlockchain Data Intelligence | Vertical Search AI
CVX/USDT ADX, RVI (Source: TradingView)

The above chart represents the ADX of Convex Finance. Currently, CVX lies in the range of 11.81, so it indicates a weak trend. 

From the above chart, the Relative Volatility Index (RVI) of CVX. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of CVX lies above the 50 levels, indicating that the direction of volatility is high. In fact, CVX’s RSI is at 43 level thus confirming a potential sell signal.

Comparison of CVX with BTC, ETH

The below chart shows the price comparison between Bitcoin, Ethereum, and Convex Finance.

Convex Finance Price Prediction 2022 — Will CVX Hit $40 Soon? Blockchain PlatoBlockchain Data Intelligence | Vertical Search AI
BTC Vs ETH Vs CVX Price Comparison (Source: TradingView)

From the above chart, we can identify the trend of the ETH, BTC, and CVX is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and CVX also increases or decreases respectively.

Conclusion

With continuous improvements in the Convex Finance network, we can say that 2022 is a good year for CVX. For this reason, the bullish price prediction of Convex Finance in 2022 is $52.67. On the other hand,  the bearish CVX price prediction for 2022 is $14.99.

Furthermore, with the advancements and upgrades on the CVX ecosystem, the performance of CVX would help to reach above its current all-time high (ATH) $30.26 very soon. But, it might also reach $40 if the investors believe that CVX is a good investment in 2022.

FAQ

1. What is Convex Finance?

Convex Finance (CVX) is an inventive DeFi protocol built on top of stablecoins exchange Curve Finance. 

2. Where can you purchase CVX?

CVX has been listed on many crypto exchanges which include Binance, OKX, Bitget, Mandala Exchange, and BingX.

3. Will CVX reach a new ATH soon?

With the ongoing developments and upgrades within the CVX platform, it has a high possibility of reaching its ATH soon.

4. What is the current all-time high (ATH) of Convex Finance?

On January 1, 2022, CVX reached its new all-time high (ATH) of  $60.09.

5. Is CVX a good investment in 2022?

Convex Finance (CVX) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of CVX in the past few months, CVX is considered a good investment in 2022.

6. Can Convex Finance (CVX) reach $40?

Convex Finance (CVX) is one of the active cryptos that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Convex Finance (CVX) will hit $40 soon.

7. What will be the CVX price by 2023?

Convex Finance (CVX) price is expected to reach $60 by 2023.

8. What will be the CVX price by 2024?

Convex Finance (CVX) price is expected to reach $86 by 2024.

9. What will be the CVX price by 2025?

Convex Finance (CVX) price is expected to reach $94 by 2025.

10. What will be the CVX price by 2026?

Convex Finance (CVX) price is expected to reach $105 by 2026.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

The post has appeared first on thenewscrypto.com

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