CVX Technical Analysis: Falling Wedge Fuels Bearish Trend

With CVX buyers failing to surpass the $40 mark, the downtrend continues in a falling wedge pattern resulting in a 50% fall last month. Key technical points: The CVX price cracks under the $20 mark. The RSI values dip into the oversold zone. The 24-hour trading volume of Convex Finance is $23 Million, indicating a 30% hike. Past Performance of CVX CVX prices failed to give a bullish breakout of a rounding bottom breakout as the sellers overtook trend control at the $40 neckline. The bullish failure drives the market value to the ground in a falling wedge pattern and cracks the psychological support of $20. Source-Tradingview CVX Technical Analysis CVX price action shows a solid resistance trendline in the daily chart, powering the falling wedge pattern. However, the downtrend shows a lack of trading volume compared to the recent bullish spurge. The lack of price action history brings the lack of the 200-day EMA, but the market value trades under the 50 and 100-day EMA reflecting a bearish trend. Moreover, the EMAs maintain a bearish trend in motion, projecting a relatively firmer seller grip over the trend. The RSI slope shows an abrupt drop from the overbought zone under pressure from the 14-day SMA and is moving towards the undersold territory. Moreover, the falling trend suggests that it could fall below the $5 threshold. The MACD indicator indicates an upward trend, which is bearish in the wake of the latest negative cross...