Convex (CVX) Price Struggles: Trading at All-Time Low Region Amid Market Pressure

Key Takeaways

• Descending wedge: CVX is trading within a long-term contraction pattern.
• Final wave completion: Price is near a potential wave (e) bottom.
• Breakout potential: A move above $2.35 could signal a bullish reversal.
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Convex Finance (CVX) has been in a prolonged downtrend following its previous bull cycle, forming a descending wedge pattern on the daily chart.

This structure typically suggests a potential reversal if a breakout occurs. The 1-hour chart indicates a possible final leg of the corrective wave, with price action nearing a critical support zone.

A breakout could trigger a significant bullish reversal if CVX finds sufficient demand.

CVX Price Analysis 

The daily chart of CVX displays a classic descending wedge formation characterized by converging trendlines, lower highs, and lower lows.

This pattern typically indicates a potential bullish breakout upon completion. The price is currently hovering around $1.82, testing the lower boundary of the wedge near $1.46, a critical historical support zone.

It started in July 2022 and resulted in an all-time low in November. After a recovery to a $8 high, the price reverted, dipping below $2, signaling that the rise was unsustainable.

This aligns with the Relative Strength Index (RSI), which has reached oversold conditions, indicating selling exhaustion. Historically, price reversals often occur at these levels.

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A successful breakout above the $2.35 resistance level would be a strong bullish confirmation. Further resistance levels are at $3.50, where the descending wedge’s upper boundary aligns.

Conversely, if CVX fails to hold above $1.46, further downside towards $1.00 may be possible.

CVX Price Prediction 

The 1-hour chart shows CVX in a short-term downtrend, testing local support near $1.82. The corrective wave structure suggests that CVX is in the final phase of wave (e) within the larger descending wedge. If this wave completes, a bullish breakout could follow.

CVX must reclaim the $2.35 resistance level for an early reversal confirmation, aligning with previous price rejection points.

If price action establishes a higher low and pushes above this level, wave (i) of a new bullish impulse could begin, with potential upside targets at $3.00 and $3.50.

However, a failure to break out may lead to further downside testing of the $1.46 critical support. If this level fails, the descending wedge structure could extend lower, delaying any bullish recovery.

The RSI remains neutral, but a sudden shift in momentum could confirm an impending reversal.

Key Levels to Watch

• Immediate Resistance: $2.35 (descending wedge upper boundary).
• Major Resistance: $3.50 (prior support-turned-resistance zone).
• Key Support: $1.82 (current price zone).
• Critical Support: $1.46 (descending wedge lower boundary).
• Short-Term Target for Breakout: Above $3.00 if momentum builds.
• Invalidation Zone: Below $1.46, indicating further downside potential.