$CVX
Convex Finance (CVX) rose 14.9% in 24 hours due to technical momentum and reduced post-exploit risks, amplified by whale accumulation and broader market strength.
Technical breakout above key Fibonacci levels and bullish RSI/MACD signals
Reduced systemic risk after June’s Resupply exploit resolution
Whale-driven liquidity (72.55% supply held by large wallets)
Deep Dive
1. Technical Context
CVX cleared critical resistance at the 61.8% Fibonacci retracement level ($2.71) with a 52.9% weekly gain, supported by:
RSI14 at 74.73: Neutral but rising from mid-June’s oversold 30s
MACD histogram spike: Bullish divergence since June 25 .
Break above pivot point ($3.41) on July 13 triggered stop-loss cascades in derivatives markets
The price now tests the 23.6% Fib extension ($3.28), with the next resistance at $3.63 (June 25 swing high).
2. Market Dynamics
While Bitcoin dominance remains elevated at 63.73%, CVX’s 24h volume surged 61.2% to $22.8M – outpacing the broader crypto market’s 1.77% gain. This aligns with:
Altcoin rotation: Alt Season Index rose 19.23% weekly to 31
Reduced exploit fallout: No new CVX-related hacks since June 26’s $9.5M Resupply breach, allowing focus on protocol fundamentals
Whale accumulation: Top 10 addresses hold 73.29% of supply, reducing sell-side liquidity
Conclusion
CVX’s rally combines technical tailwinds with cautious optimism post-June’s exploit, though overbought RSI7 (88.27) signals near-term consolidation risk. Watch whether the $3.63 resistance flips to support – a close above could validate bullish momentum.
What catalyst could sustain CVX’s outperformance if Bitcoin dominance remains elevated?
