Will Major Holdings Of CVX Token Become Profitable In The Future?

• A significant change in the traded volume of the CVX token was recorded.
• The top 10 holders of Convex Finance held 82.31% of the total supply. 

The Convex Finance market cap has advanced by 15% in the last 24 hours from the press time. This resulted in a market cap value of $327.183M, making it the 157th largest crypto in the global crypto market.

The traded volume value also advanced by 290% in the last 24 hours, followed by a traded value of $49.818M. The rise in the market cap and volume together showed huge demand for the token.

The token’s volume/market cap ratio was 14.5%, which showed huge liquidity in the token price. Also, the total value locked for Convex Finance was worth $1.137B, and the token staked amount was $208.65M.

According to analysts, the Convex Finance token price was highly volatile, which showed the probability of uncertain spikes in the trading price.  The token’s sentiment was further bullish, and the fear and greed index was denoted among the token’s investors.

Convex Finance Token Holders Overview

There were a total of 23.9K holding addresses of Convex Finance. Its largest holding address has 51.8% of the total supply, resulting in 51.674M CVX.

The token’s 24.02% of the holders were in profit, while 60.42% were at a loss at the time of writing. Despite this, the token’s large holders’ concentration was 92%, and an inflow of $11.64M had occurred in the last seven days.

Also, 60% of the total holders of the token have held it for more than 1 year, while 32% have held it for less than 1 year.

CVX Token Technical Analysis

The CVX token looked to be a victim of huge volatility as multiple uncertain spikes and wicks were formed on the token’s daily chart.

The CVX token price broke out above a crucial change of character level. However, it failed to sustain itself above the same level and declined back to the consolidation zone. Despite this, following the most recent price action, the token price again broke out above the resistance level.

Also, a strong green candle was formed on the chart, followed by a surge in the traded volume of the token. The price also sustained above the breakout level by closing above the same on the daily chart. 

Convex Finance Token Technical Indicators Overview 

The 50-day and the 200-day EMAs have traded in a death cross while the CVX token price broke out above the following EMAs. This exhibited a higher possibility of a change in the price trend to bullish in the future.

CVX/USD Chart by TradingView.com

The MACD and the signal line also advanced to the bullish trajectory with bullish histograms formed on the chart. The RSI also sustained the higher levels and was trading at a level of 61. It also broke out above the 14-day SMA.

The CVX token showed strong bullish signals, a 15% market cap rise to $327.183M, a 290% surge in traded volume, and robust liquidity. 

Despite volatility, technical indicators suggest a bullish trend, with MACD and RSI supporting positive momentum. Major holders’ long-term commitment further reinforces confidence.

The support levels of the CVX token are $1.80 and $2.60, followed by the resistances of $4.30 and $5.50.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.