T.he USD’s DXY Index is again ranging at a 20-year high ahead of the FOMC meeting, interestingly, Bitcoin price is also trading above $19,000 at the moment. The prices have begun to rise slowly but some of the altcoins like Helium (HNT), Convex Finance (CVX) & Kusama (KSM) prices have begin to lead the gainers list.
Helium price after undergoing a huge bearish close for the month of August, found a strong base to rebound at $3.2. The price began to inflate since then and reached levels close to $6 but failed to make it above them.Since the beginning of the week , the price regained a bullish momentum and raised above $5.4.
Woefully, the price faced a significant rejection and dropped by more than 17% since beginning of the day’s trade and hence the prices are now expected to rebound any time from now.With a flip, the HNT price may reach back above $5.4 before the days ‘ close. A bullish close for the day may ignite a significant upswing in the coming days.
Convex Finance (CVX)
Convex Finance traded within a very range ever since the market collapsed due to the LUNC-USTC in May 2022. Presently, the prices are hovering along the crucial resistance levels for couple of days, which acted as a strong support level just before the latest market crash. Despite the prices thrived beyond $5.6 but very soon the bears dragged down below $5 quickly.
The CVX price despite the price variations continues to trade within a symmetrical triangle, being rejected at the resistance in the early trading hours. As the peak of the consolidation is pretty distinct, the price is expected to continue with consolidation within the triangle throughout the week By the end of the week, the price may regain the positions above $5 but break out from the symmetric consolidation.
Kusama’s price from the past couple of months has been visiting the lower support at $42.81 each time it rose high. However, the latest price plunge dragged the price below these crucial support levels. The prices are trying to inflate above these levels but the bulls are facing immense obstruction from the bears at the moment.
The KSM price is currently trading within an ascending triangle in the short term, while the prices have rised above resistance levels. The bears are trying hard to drag the price lower but the bulls are expected to hold the price above $41.5. the day, if the asset managed to sustain above these levels, then the price may rise close to $45 in the coming days.