As with most assets in the crypto sector, the best part of December hasn’t been that good for DeFi tokens. A market-wide slump has seen most DeFi tokens slide lower, but we are now starting to see some price consolidation as bulls move in to buy emerging dips. Convex Finance (CVX) has however been a stand-out performer in the DeFi space, not just this year, but also over the past week or so. Here are some highlights:
In the last 7 days or thereabout, Convex Finance (CVX) has surged by a whopping 50%.
At press time, the token was trading at $41.39, albeit it had managed to hit highs of $49 in 24-hour intraday trading.
The token is well above its 200-day simple moving average, indicating a bull trend is already in force.
Data source: Tradingview.com
Convex Finance (CVX) – price action and analysis
In the last seven days, we have seen CVX break past several overhead resistance levels in its technical charts. It is an apparent bullish surge. In fact, most analysts were seeing the $44 price as the main barrier. Although at press time CVX was relatively lower at $41.38, at one point during intraday trading it had managed to surge well above that resistance.
This suggests that some price consolidation around $44 is likely in the coming days. Some bullish analysts are even confident that CVX will regain its previous 24-hour highs of $49 and eventually break to consolidate around $50. Either way, Convex Finance (CVX) remains one of the best performing DeFi tokens right now.
Should you buy Convex Finance (CVX)
DeFi has exploded in 2021, and this trend is expected to continue in the near future. While there are many DeFi tokens to buy, based on its performance this year, it seems CVX is a top performer and would likely maintain this trend in the long term. It's definitely a buy right now.