The recent pump in CVX price is being driven by a confluence of technical strength and positive on-chain signals. A clear technical breakout is underway, with the price solidifying above the key 7-day moving average at 1.933. The daily trading range has expanded to 1.65%, indicating a surge in volatility and trader interest, while robust support has been established at the 1.919 low. Crucially, significant USDT inflows and a spike in buy-side volume suggest fresh capital is entering the market. This momentum is setting the stage for a potential test of the next major resistance level at the 99-day moving average of 2.042.
Underpinning this move is a favorable shift in market structure and sentiment. The order book depth shows substantial buy orders stacked below the current price, creating a strong support cushion, while sell-side pressure appears thin above 1.95. This dynamic allows for low-resistance upward movement. The price action, closing near the daily high despite minor fluctuations, demonstrates solid absorption of selling pressure. The rally is likely further fueled by renewed optimism within the broader DeFi ecosystem and potential positive developments in the Convex Finance protocol, such as governance updates or enhanced staking incentives. For the bullish trend to continue, holding above the 1.93 support level and sustaining the current elevated trading volume will be key.