CVX Technical Analysis: Growing Bullish Influence Plans Range Breakout

CVX price shows the bullish momentum trapped with a consolidation range attempting to break above the overhead resistance. Key technical points: The CVX market price has jumped by 19.44% in the last 24 hours. The growing bullish influence teases an upside breakout. The 24-hour trading volume of Convex Finance is $28.45 Million, indicating a rise of 200%. Past Performance of CVX The long-coming downtrend in the CVX prices takes a lateral shift in trend after reaching the $3.43 mark. The downtrend also leads to the generation of a resistance trendline, keeping the bullish growth in check. However, the increasing bullish influence within the consolidation range teases a double bottom formation to break above the $5.45 resistance level and the bearish trendline. Source- Tradingview CVX Technical Analysis CVX price action Shows an increase in trading volume with the price jump supporting the theory of a bullish breakout. The breakout rally shows the potential to surpass the 50-day SMA line and reach the $9 resistance level. After recovering the bullish trend and sabotaging the minor bearish crossover, the MACD indicator shows the fast and slow line is approaching the zero line. Hence the indicator showcases an increase in the underlying bullish sentiment and promotes the idea of a bullish breakout. The RSI indicator showcases an increase in the underlying bullishness as a slope continues to grow from the oversold region to reach th...