Furthermore, CVX was the top crypto gainer to begin the week, with DASH and ALGO following suit. Despite ALGO reaching its greatest level in over three weeks, DASH and CVX saw greater advances. This happened as APE was trading in the red once more.
Finance with a Convexity (CVX)
Convex financing (CVX), the world’s 77th largest cryptocurrency, was the biggest gainer on Monday, rising as high as 15% to start the week.
CVX surged to an intraday high above $21.56 on Monday, following a low of $17.90 on Sunday, when prices struck a ceiling.
As prices continued to advance away from support at $15.50, today’s move was the largest for CVX since March 2nd.
Prices rose to near $22.00 resistance on Monday, but fell from there as bulls presumably consolidated prior gains by closing their bets.
The 10-day (red) and 25-day (blue) moving averages have also marginally crossed on the chart, setting the stage for more bullish momentum.
If the current upward trend continues, we may see a break similar to the one on March 2, when prices spiked above $30 in a flash.
DASH soared to a three-month high today, following a fourth straight session of gains on Monday.
Following a low of $101 on Sunday, DASH/USD rallied to a high of $122.83 today to start the week.
DASH has already reached its highest price since January 21, when markets were in wild collapse, plunging as low as $79 throughout that week.
As of this writing, DASH is trading below its long-term resistance level of $121.100, which has previously delivered strong bearish pressure to prices.
The 14-day RSI is also highly overbought, tracking at its highest level since November, potentially encouraging bears to re-enter.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.