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CVX was the biggest crypto gainer to start the week, as both DASH and ALGO also climbed higher. Despite ALGO rising to its highest level in over three weeks, gains in DASH and CVX were more noticeable. This came as APE once again traded in the 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.
Following a low of $17.90 on Sunday, CVX climbed to an intraday high above $21.56 on Monday, as prices hit 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.
CVX/USDT – Daily Chart
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.
Looking at the chart, the 10-day (red) moving average, and the 25-day (blue) have also marginally crossed, which sets the table for further bullish momentum.
If this upward trend continues, we could see a break similar to the one on March 2, where prices rose to above $30, during a flash 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/USD – Daily Chart
As of writing this, DASH is now trading below its long-term resistance level of $121.100, which is a level that last provided prices with high levels of bearish pressure.
The 14-day RSI is also severely overbought, tracking at its highest point since November, which could give impetus to bears to consider re-entering.
Is DASH currently preparing for a change in momentum? Let us know your thoughts in the comments.
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.
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Source : Bitcoin
