Convex Finance Price Prediction 2024: CVX Price Analysis

Key Takeaways

• CVX has climbed recently after a lackluster 2023.
• Can CVX maintain its momentum?
• One Convex Finance price prediction says CVX can reach $12.47 next year. 

Convex Finance’s CVX token has enjoyed something of an upturn recently. The price rise came after a year where CVX badly underperformed against the market. 

On June 17, 2024, CVX was worth about $3.58. What’s ahead?

Convex Finance did not respond to a request for comment.

Let’s take a look at our Convex Finance price prediction. We will also analyse the price of CVX, look at the Convex Finance price history, and explain what Convex Finance is and how it works. 

Convex Finance Price Prediction

Let’s examine some of the Convex Finance price predictions being made by CCN.com on June 17, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.

Convex Finance Price Prediction for 2024

If the positive momentum continues and Convex Finance breaks above its moving averages, it could reach targets between $1.50 and $4 by the end of 2024, with the average price set at $2.10.

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 $3.08 while the maximum one is $14.67 . In the middle, it may reach $7.86.

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 paints a clear picture of a strong bearish trend. This means the price is likely to continue its decline in the near future.

A crucial resistance level sits at $2.90. If the price fails to break above this level with significant volume, it reinforces the bearish trend. A shorting opportunity might exist as long as the price remains below $2.90.

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.

Convex Finance Price Performance Comparisons

Convex Finance Price History

Who Owns the Most Convex Finance (CVX)?

On June 17, 2024, one wallet held 58.94% of the supply of CVX.

Richest CVX Wallet Addresses

As of June 17, 2024, the five wallets with the most CVX were

• 0x72a19342e8f1838460ebfccef09f6585e32db86e. This wallet held 58,717,959 CVX, or 58.94% of the supply.
• 0x1389388d01708118b497f59521f6943be2541bb7. This wallet held 10,587,917 CVX, or 10.63% of the supply.
• 0xcf50b810e57ac33b91dcf525c6ddd9881b139332. This wallet held 7,429,640 CVX, or 7.46% of the supply.
• 0x5f465e9fcffc217c5849906216581a657cd60605. This wallet held 2,979,296 CVX, or 2.99% of the supply.
• 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet also held 2,844,922 CVX, or 2.86% of the supply.

Fact Box

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 optimiser for the Curve DAO (CRV) decentralized exchange (DEX) protocol. Put simply, it aims to earn people as much interest from 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, which is 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, there is a 16% performance fee 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 such things as 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 ever with crypto, you will need to make sure you 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 largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Convex Finance?

Before you decide whether or not to invest in Convex Finance, you will have to do your own research, not only on CVX, but on other coins and tokens such as The Graph (GRT) and PENDLE. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Convex Finance Attention Tracker

Here is a chart for the Convex Finance Google search volume for the past 90 days. This represents how many times the terms “Convex Finance CVX” has been Googled over the previous 90 days. 

FAQs 

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 users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

About the Author

Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.

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