Convex Finance (CVX) Token Price Prediction 2023-2032

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

The price of Convex Finance (CVX) has surged by 15% over the past 24 hours, reaching a market capitalization of $327.183 million as of press time. This ranks CVX as the 157th largest cryptocurrency in the world.

Over the past day, trading volume for CVX has also seen a substantial increase of 290%, reaching a total volume of $49.818 million. Together, these strong gains in both market capitalization and trading volume indicate a high level of demand for the CVX token.

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Convex Finance Tokenomics Overview

The volume/market cap ratio for CVX is currently at 14.5%, indicating high levels of liquidity for the token. Additionally, the total value locked (TVL) for Convex Finance is valued at $1.137 billion, while the total amount of CVX staked is valued at $208.65 million.

According to analysts, the price of Convex Finance (CVX) has been highly volatile, suggesting the possibility of unpredictable spikes in trading price. Moreover, the sentiment around the token is bullish, and the fear and greed index among investors in the CVX token is evident.

An overview of Convex Finance (CVX) token holders reveals a total of 23.9K holding addresses for CVX. The largest holding address contains 51.8% of the total supply, amounting to 51.674 million CVX tokens.

At the time of writing, 24.02% of the token's holders are in the green, while 60.42% are experiencing unrealized losses on their holdings. Notably, large holders of the CVX token account for around 92% of the total supply, and there has been an inflow of $11.64 million observed over the past seven days.

Interestingly, 60% of the total holders of the CVX token have held it for more than 1 year, in contrast to 32% who have held the token for less than 1 year.

CVX Token Technical Analysis (Daily Chart)

The CVX token seems to be a victim of high volatility, as multiple indecisive spikes and wicks are forming on the daily chart of the token.

The CVX token price managed to break out above a crucial change of character level; however, it failed to sustain itself above the same level and fell back into the consolidation zone. But following the latest price action, the token price once again managed to break out above the resistance level.

We can also observe a strong green candle forming on the chart, followed by a surge in the traded volume of the token price also sustaining above the breakout level by closing above the same on the daily chart.

Convex Finance Token Technical Indicators Overview

The 50-day and 200-day EMAs have traded in a death cross as the CVX token price broke out above the following EMAs, exhibiting a higher chance 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 forming 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 placed at $1.80 and $2.60, followed by the resistance levels placed at $4.30 and $5.50.

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