What's next for Convex Finance?
Key Takeaways
- Convex Finance’s CVX has climbed in the first half of 2024 after a lackluster 2023.
- Can CVX maintain its momentum?
- One Convex Finance price prediction says CVX can reach $5.91 next year.
Convex Finance’s CVX token has enjoyed some gains recently. The price rise came after a year where CVX badly underperformed against the market.
On Aug. 15, 2024, CVX was worth about $2.28. What’s ahead?
Convex Finance did not respond to a request for comment.
Let’s examine our Convex Finance price prediction. We’ll also analyze CVX’s price history and explain Convex Finance and how it works.
Convex Finance Price Prediction
Let’s examine some of the Convex Finance price predictions made by CCN on Aug. 15, 2024. It is crucial to remember that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum CVX Price Prediction | Average CVX Price Prediction | Maximum CVX Price Prediction | |
|---|---|---|---|
| 2024 | $2.05 | $4.46 | $5.01 |
| 2025 | $4.89 | $5.46 | $5.91 |
| 2030 | $15.38 | $16.93 | $17.10 |
Convex Finance Price Prediction for 2024
If the positive momentum continues and Convex Finance breaks above its moving averages, it could reach targets between $2.05 and $5.01 by the end of 2024, with the average price set at $4.46.
Convex Finance Price Prediction for 2025
Technical analysis suggests a potential increase for CVX in 2025. The minimum Convex Finance price expected for 2025 is $17.10, while the maximum is $15.38. In the middle, it may reach $16.93.
Convex Finance Price Prediction for 2030
Based on technical analysis, the CVX token may reach a maximum level of $44.10 at the beginning of the next decade, while, in the worst scenario, it may go to $27.90. The average expected price is $34.31.
Convex Finance Price Analysis
The current technical analysis for CVX/USDT clearly shows a strong bearish trend. This means the price is likely to continue declining in the near future.
A crucial resistance level is $2.90. If the price fails to break above this level with significant volume, it reinforces the bearish trend. As long as the price remains below $2.90, a shorting opportunity might exist.
The initial support level to watch is $2.41. If the price breaks below this level, it could indicate a continuation of the downward momentum.
Short-Term Convex Finance Price Prediction
Convex Finance’s price prediction forecasts a potential rise of 6% in the next 24 hours and 230% in the next month, pushing the price to $7.54 by September 14, 2024.
Despite this optimistic projection, current market sentiment remains Bearish. The Fear & Greed Index shows a score of 29, indicating prevailing fear among investors.
Over the past month, Convex Finance has experienced 10 out of 30 (33%) green days and price volatility of 11.36%. Given these indicators, now may not be the ideal time to invest in Convex Finance.
Convex Finance Relative Strength Index (RSI): Is CVX Oversold or Undersold?
Convex Finance Price Performance Comparisons
How Do We Make a Convex Finance Price Prediction?
Our price prediction for Convex Finance combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases.
Applied to the Convex Finance-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between.
Convex Finance Price History
| Time period | Convex Finance price |
|---|---|
| Last week (Aug. 8, 2024) | $2.3485 |
| Last month (July 15, 2024) | $2.3219 |
| Three months ago (May 15, 2024) | $2.3688 |
| One year ago (Aug. 15, 2023) | $3.0852 |
| Launch price (May 19, 20221) | $9.0789 |
| All-time high (January 1, 2022) | $49.98 |
| All-time low (June 14, 2024) | $1.9749 |
Convex Finance Market Cap
The market capitalization, or market cap, is the sum of the total CVX in circulation multiplied by its price. On Aug. 15, 2024, Convex Finance’s market cap was $222.6 million, making it the 182nd largest crypto by that metric.
Who Owns the Most Convex Finance (CVX)?
On Aug. 15, 2024, one wallet held 50.06% of the supply of CVX.
Richest CVX Wallet Addresses
As of Aug. 15, 2024, the five wallets with the most CVX were:
- 0x72a19342e8f1838460ebfccef09f6585e32db86e. This wallet held 49,913,907 CVX or 50.06% of the supply.
- 0xcf50b810e57ac33b91dcf525c6ddd9881b139332. This wallet held 9,067,998 CVX or 9.09% of the supply.
- 0x1389388d01708118b497f59521f6943be2541bb7. This wallet held 8,979,014 CVX or 9.01% of the supply.
- 0x449f2fd99174e1785cf2a1c79e665fec3dd1ddc6. This wallet held 3,074,657 CVX or 3.08% of the supply.
- 0x272b065a43ef59ea470fbfd9be76ad1b43aab651. This wallet also held 2,373,974 CVX or 2.38% of the supply.
Convex Finance Supply and Distribution
| Supply and Distribution | Figures |
|---|---|
| Total supply | 99,705,126 |
| Circulating supply (as of Aug. 15, 2024) | 97,617,434 (94% of total supply) |
| Holder distribution | The top 10 holders owned 87% of the total supply as of Aug. 15, 2024. |
From the Convex Finance Whitepaper
In its technical documentation or whitepaper , Convex Finance says it “introduced a new algorithm designed to achieve faster and more secure consensus compared to existing blockchain methods. This mechanism relies on merging beliefs shared by participants to reach a stable consensus.
The whitepaper suggests that Convex’s solution paves the way for a more scalable and efficient “Internet of Value.”
What Is Convex Finance?
Convex Finance is a yield optimizer for the Curve DAO (CRV) decentralized exchange (DEX) protocol. Put simply, it aims to earn people as much interest in crypto as possible.
A group of anonymous crypto enthusiasts created Convex Finance in 2021.
The CVX token supports the platform.
How Convex Finance Works
Users deposit CRV onto Convex Finance, then permanently locked as veCRV. In exchange, users receive a tokenized version called cvxCRV, which they can then stake on the platform and convert into Curve DAO admin fees. Users can also receive CRV and CVX rewards from Convex’s performance fee.
Although Convex Finance doesn’t impose withdrawal fees, a 16% performance fee is applied to all CRV earnings generated by Curve liquidity providers on the platform. Out of this 16%, 10% is distributed as CRV to cvxCRV stakers, 5% goes to CVX stakers in the form of cvxCRV, and 1% is allocated to a harvest caller in CRV.
People can also buy, sell, and trade CVX on exchanges.
Because CRV is based on the Ethereum (ETH) blockchain, it is a token rather than a coin. You might see references to things like a Convex Finance coin price prediction, but these are wrong.
Is Convex Finance a Good Investment?
It is difficult to tell. While the token has been on an upward trend lately, there is no way of telling when and where it will end.
While a lack of identified founders is not uncommon in crypto – and has not done Bitcoin any harm – there is one other problem. Convex Finance does not have a whitepaper or technical document explaining what it is or how it works. Investors may prefer to put their money somewhere with more transparency.
As always with crypto, you should do your own research before deciding whether or not to invest in CVX.
Will Convex Finance go up or down?
No one can really tell right now. While the Convex Finance crypto price predictions are mainly positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can and do go down and up.
Should I invest in Convex Finance?
Before deciding whether to invest in Convex Finance, you will have to research CVX and other coins and tokens, such as The Graph (GRT) and PENDLE. Either way, you will also need to ensure you never invest more money than you can afford to lose.
FAQs
Will Convex Finance reach $10?
It could do, but not before 2028.
Convex Finance has traded above $10 before, but not since May 2022.
What is Convex Finance used for?
The CVX token helps power the Convex Finance yield-generating protocol. People can also buy, sell, and trade it on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
