• The Convex Finance price has lost its bullish momentum as it slips below $6.5.
• Investors are awaiting inflation data from the U.S. Bureau of Labor Statistics to be released on February 14th.
• If the Convex Finance price falls below the $5.6 level, CVX could quickly plummet to $4.
Convex Finance Price Slips Under $6.5
The Convex Finance (CVX) price appears to have lost its bullish momentum, slipping under $6.5 as markets await upcoming inflation data from the U.S Bureau of Labor Statistics on February 14th.. Support at $5.6 may cushion buyers against an extended downswing in the near term, but a break below this level could result in CVX dropping quickly to $4.
Inflation Data Could Bring Positive News for Crypto Market
Economists are predicting January’s Consumer Price Index (CPI) data to rise 0.5% month-over-month, which would be a significant increase compared with figures seen in recent months and provide positive news for the crypto market overall following Federal Reserve Chair Jerome Powell’s acknowledgement of „disinflation“ in the US economy last week..
Price Needs To Hold Above Critical Level To Avoid Sell-Off
CVX has been enjoying support from the key $5.6 level since January 28th, with attempts to break below this buyer congestion zone failing on several occasions so far.. A four-hour candlestick close below this critical level could trigger massive sell orders that would extend the ongoing correction and bring additional footholds at the 200-day SMA ($5.5), major support at $4.7 and psychological level at $4.5 before hitting rock bottom at around $4 if breached successfully by sellers over time..
Impact of Inflation Data On Markets Awaited
The crypto market is hoping for positive news from upcoming policy decisions and inflation figures that could finally pull it out of its winter snare set by 2022’s bearish trends.. Although monthly CPI figure probably increased in January, annual headline number is expected to reduce from 6.5% to 6.2%, making investors hopeful that disinflation optimism will remain intact despite any potential bad news coming out when results are released later this week on Tuesday (February 14).
With Convex Finance’s price losing its bullish momentum over time, all eyes are now turned towards inflation data which can either pull it back up or send it crashing down further into bear territory if things don’t go according to plan.. Investors should keep an eye on how prices react around key levels such as the current buyer congestion zone at around 5$ before deciding their next course of action depending upon what results come out tomorrow when official figures are released by UBSS later this week (February 14).