CVX was the largest crypto gainer of the week. ALGO and DASH both climbed higher. ALGO rose to the highest levels in more than three weeks but gains in CVX and DASH were much more evident. APE was once again in red.
Convex Finance (CVX).
Convex finance (CVX) was Monday’s biggest gainer, as the world’s 77th largest cryptocurrency rose by as much as 15% to start the week.
CVX fell to $17.90 Sunday and climbed above $21.56 intraday on Monday as the prices reached a ceiling.
Today’s move was the highest level CVX has traded since March 2, as prices continued to move away from support at $15.50.
Monday’s surge saw prices near resistance of $22.00, however slipped from this point as bulls likely consolidated earlier gains by closing their positions.
The chart shows that the moving averages for the 10 and 25 days (red) are both marginally crossing, which indicates further bullish momentum.
We could witness a similar break to that of March 2nd, when prices surged to $30 during an instant spike.
DASH rose to a three month high during today’s session, as it rose for a fourth consecutive session on Monday.
Today’s high, saw DASH/USD rally to a high of $122.83 to start the week, which follows a low below $101 on Sunday.
Monday’s move is the highest point DASH has reached since January 21, as markets were in free fall, dropping to as low of $79 during that week.
DASH currently trades below its $121.100 long-term resistance, as this is the last level to provide prices with bearish pressure.
The 14-day RSI, also extremely overbought since November, is tracking at its highest level since November. That could provide bears with an impetus for re-entry.
Are you wondering if DASH is currently in the midst of a shift in momentum? Please share your views with us in the comments.
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