Date: Sun, Dec 29, 2024, 04:54 PM GMT
The cryptocurrency market has faced a sharp correction over the past two weeks, pulling Bitcoin (BTC) down from its recent all-time high of $108K to its current price of $94K. Despite this bearish trend, Verge (XVG) and Convex Finance (CVX) have managed to retain their weekly and monthly gains after key breakouts.
However, both tokens are now retesting their breakout levels, leading to a notable dip in today’s prices.
Verge (XVG)
Verge (XVG) has maintained impressive momentum, posting monthly gains exceeding 100%. Following a period of correction that formed a descending triangle pattern, XVG broke out above the descending trendline resistance yesterday, pushing its price to a high of $0.01638.
Currently, XVG is trading near the breakout level at $0.01371. If the token successfully reverses from this level, it could aim for its recent high of $0.01638. Breaking this resistance might lead to further upside targets of $0.01851 and $0.021, respectively.
Convex Finance (CVX)
Similarly, Convex Finance (CVX) has shown resilience amid the ongoing dip, with weekly gains of over 25% and monthly gains exceeding 65%. The recent correction formed a falling wedge pattern, and CVX broke above the descending trendline resistance yesterday, hitting a high of $5.53.
Currently, CVX is trading near its breakout level at $4.90. A successful reversal here could see it retesting its high of $5.53 and moving toward key resistance levels at $6.61 and $8.10.
What’s Next?
Both XVG and CVX are now retesting their breakout levels, demonstrating strength even during the broader market correction. If they successfully hold and reverse from these levels, they may trigger significant upside rallies. However, given the overall bearish sentiment in the market, failure to maintain above these critical resistance levels could invalidate the breakouts.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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