• Convex Finance (CVX) price has slipped below $6.5 as the crypto market awaits inflation data from the U.S. Bureau of Labor Statistics;
• Market participants are optimistic after Federal Reserve Chair Jerome Powell acknowledged the presence of “disinflation” in the U.S. economy;
• Economists predict a 0.5% monthly rise in CPI figures, with an annual headline number expected to reduce from 6.5% to 6.2%.
Convex Finance Price Slips Under $6.5
The Convex Finance (CVX) price appears to be losing its bullish momentum in tandem with the downward action across the board, trading at $6 at the time of writing. Support at $5.6 may cushion buyers against an extended downswing in the near term, but if breached, CVX could quickly plummet to $4.
Awaiting Inflation Data
The crypto market is hoping for positive news from much-awaited policy decisions and inflation figures that could finally pull it out of the 2022 winter snare. The U.S Bureau of Labor Statistics is expected to release January’s Consumer Price Index data on Tuesday 14th February 2021 and market participants are eagerly waiting with optimism after Federal Reserve Chair Jerome Powell acknowledged disinflation in the U.S economy yesterday 8th February 2021 .
Expected Rise In CPI Figures
Economists are predicting a 0.5% month-over-month rise in CPI figures, with an annual headline number expected to reduce from 6.5% to 6