Convex Finance Price Prediction 2023 — Will CVX Hit $20 Soon?
- Bullish CVX price prediction is $8.226 to $30.304.
- The CVX price will also reach $20 soon.
- CVX bearish market price prediction for 2023 is $3.116.
In Convex Finance’s (CVX) price prediction 2023, we use statistics, price patterns, RSI, RVOL, and much other information about CVX to analyze the future movement of the cryptocurrency.
Convex Finance (CVX) Current Market Status
| Current Price | $6.11 |
| 24 – Hour Trading Volume | $7,702,705 |
| 24 – Hour Price Change | 2.1% up |
| Circulating Supply | 74,550,030 |
| All – Time High | $5.29 (On November 12, 2021 ) |
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 2023
Convex Finance (CVX) holds the 101st position on CoinGecko right now. CVX price prediction 2022 is explained below with a weekly time frame.
The above chart of Convex Finance (CVX) laid out the horizontal channel pattern. Horizontal channel also known as the sideways trend. In general, the horizontal channel is formed during the price consolidation. In this pattern, the upper trendline, the line which connects the highs, and the lower trendline, line which connects the lows, run horizontally parallel and the price action is contained within it. A horizontal channel is often regarded as one of the suitable patterns for timing the market as the buying and selling points are in consolidation.
Currently, CVX is in the range of $6.00. If the pattern continues, the price of CVX might reach resistance levels of $8.631 & $23.264. If the trend reverses, then the price of CVX may fall to $5.195 and $3.159.
Convex Finance (CVX) Support and Resistance Levels
The chart below shows the support and resistance levels of Convex Finance (CVX).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels of Convex Finance (CVX).
| Resistance Level 1 | $8.226 |
| Resistance Level 2 | $15.512 |
| Resistance Level 3 | $30.304 |
| Support Level | $3.116 |
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 $30.304.
Accordingly, if the investors turn against the crypto, the price of the CVX might plummet to almost $3.116 a bearish signal.
Convex Finance (CVX) Price Prediction 2023 — 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.
More so, the CVX’s Moving Average (MA) is shown in the chart above. Currently, CVX is in a bullish 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 56.94. This means that CVX is in an neither overbought nor oversold state. However, this means a major price reversal of CVX may occur in the upcoming days. So, traders need to trade carefully.
Convex Finance (CVX) Price Prediction 2023 — ADX, RVI
Let us now look Average Directional Index (ADX) of Convex Finance (CVX). 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.
The above chart represents the ADX of Convex Finance. Currently, CVX lies in the range of 39.44, so it indicates a strong 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 50, indicating high volatility. In fact, CVX’s RSI is at 56.94 level thus confirming a potential buy signal.
Comparison of CVX with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and Convex Finance (CVX).
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.
Convex Finance (CVX) Price Prediction 2024-2030
Numerous factors are taken into account when forecasting prices including volume changes, price variations, market cycles, and similar coins. Let’s predict the price of Convex Finance (CVX) between 2024 and 2030.
Convex Finance (CVX) Price Prediction 2024
If the declining price action completely slows down in momentum and the trend reverses, Convex Finance (CVX) might probably attain $30 by 2024.
Convex Finance (CVX) Price Prediction 2025
With several upgrades in the network, Convex Finance (CVX) might enter a bullish trajectory. If the coin grabs the attention of major investors, CVX might rally to hit $40 by 2025.
Convex Finance (CVX) Price Prediction 2026
If Convex Finance (CVX) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 3 years, CVX would rally to hit $50.
Convex Finance (CVX) Price Prediction 2027
If Convex Finance (CVX) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, CVX would rally to hit $60.
Convex Finance (CVX) Price Prediction 2028
If Convex Finance (CVX) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, CVX would rally to hit $70.
Convex Finance (CVX) Price Prediction 2029
If Convex Finance (CVX) holds up a strong stance as a better investment option for the next 6 years, it might witness significant price rallies. Thus, by 2029, CVX would hit $80.
Convex Finance (CVX) Price Prediction 2030
If investors flock in and continue to place their bets on Convex Finance (CVX), it would witness major spikes. CVX might hit $90 by 2030.
Conclusion
With continuous improvements in the Convex Finance network, we can say that 2023 is a good year for CVX. For this reason, the bullish price prediction of Convex Finance in 2023 is $30.304. On the other hand, the bearish CVX price prediction for 2023 is $3.116.
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) $60.09 very soon. But, it might also reach $20 if the investors believe that CVX is a good investment in 2023.
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 2023?
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 2023.
6. Can Convex Finance (CVX) reach $20?
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 $20 soon.
7. What will be the CVX price by 2024?
Convex Finance (CVX) price is expected to reach $30 by 2024.
8. What will be the CVX price by 2025?
Convex Finance (CVX) price is expected to reach $40by 2025.
9. What will be the CVX price by 2026?
Convex Finance (CVX) price is expected to reach $50 by 2026.
10. What will be the CVX price by 2027?
Convex Finance (CVX) price is expected to reach $60 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not interpret as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/convex-finance-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
