Key Insights:
- Convex Finance is inching closer to closing above the $10 mark.
- Bitcoin declined slightly to trade at $23k at press time.
- The crypto market also depreciated in market cap sitting at $1.03 trillion.
Although the crypto market successfully rose above the month-long bearishness, which kept altcoins and the king coin at their lowest, the market cap finally reclaimed the $1 trillion level as support.
However, today did not support a rise further as most cryptocurrencies remained unchanged.
Convex Finance on a Roll
The altcoin is one of the best-performing cryptocurrencies in the market at the moment, as CVX has risen by more than 112% in the span of just a month.
However, even this rally has not been enough to pull the altcoin out of its 91.62% losses that it witnessed between April to June.
Interestingly trading at $7.54, CVX was able to reclaim the 50-day Simple Moving Average (SMA) (red) line as support which is crucial in the altcoin’s efforts to mark a recovery.
With this, the coin not only came closer to reclaiming the $10 mark but also to flipping the 100-day SMA (green) line into support from resistance.
This is supported by the MACD as well, which is maintaining its bullish crossover despite the fluctuations in the market. Although bullishness isn’t rising at the moment, its current stance does indicate that the altcoin has enough strength to remain consolidated.
Bitcoin To Be Back Above $24K
Trading at $23,873, the king coin fell slightly below yesterday’s high of $24k, but the same is just a small break and not a sign of downfall.
The 23.65% rally Bitcoin achieved in the last eight days will continue going ahead and eventually recover the almost 40% losses noted during the June crash.
The same is visible on the price indicators as well. The Parabolic SAR’s white dots are currently sitting beneath the candlesticks, which means that the king coin is still in an active uptrend.
Secondly, the Relative Strength Index (RSI), which entered the bullish zone after three months, is maintaining its position in the area.
This will provide BTC the strength it needs to rise back up and rally further, and if it can sustain the same for a long while, BTC can achieve $30k by the end of this month.
