CVNX Weekly Market Analysis
Huobi Global analytics and trend, April 25– May 01, 2022
Global Crypto Market
Fear and Greed Index condition: extreme fear (20 points) today, extreme fear (24 points) last week. Funding margin positions on major coins remained negative. Bitcoin continues to hold its trading range. Bitcoin’s dominance condition increased to 42.34% — (a week earlier 41.54%). The alt-season index has decreased — now 31 points (a week earlier 43 points). The current situation leaves us waiting for sideways movement and growth of Bitcoin, but in the meantime, scalping on altcoins with small movements is feasible.
Huobi CVNX Market (CVNX/BTC)
4H Timeframe:
The trend line has been broken. Volatility continues to decline, the price and trading volumes show bearish divergence again. On the previous Saturday, we were in the same position, and the asset showed fast growth, so with a sideways movement of Bitcoin, the history may repeat itself. Also, we should not forget about a possible accumulation phase, which may now occur in a wide range and can be confirmed in the next week. The triangle was broken up, but the price was below it, which may indicate the uncertainty in the market.
The stochastic RSI is out of the oversold zone but still near it.
Timeframe 1D:
CVNX continues trading in a range of 100MA and 50MA.
Stochastic RSI is in the oversold zone.
Forecast
At the moment, we can expect the support level to work out further and the trading range to be confirmed this week as well.
DISCLAIMER: The CVNX market analysis and TA indications are not financial advices and do not constitute any investment offer. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial circumstances.
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