- CVX crypto pumped 83% on the 19th of November; will the uptrend continue?
- A notable whale could have triggered the wild upswing, per an analytics firm.
Convex Finance’s native token, CVX crypto, soared 20% in 24 hours, a surprise pump reportedly triggered by a massive whale bid.
According to SpotOnChain, a profitable CVX whale opened a $2M bid (709961 CVX), and the token mooned 61% a few hours later.
Part of the analytics firm update read,
“Between July 2021 and March 2022, this whale traded 1.098M $CVX, earning a $20.2M profit (+129%) from that first trade.”
This was the whale’s second trade (accumulation) after about a 2-year hiatus, signaling a potential extra upside for CVX.
Source: SpotOnChain
What’s next for CVX crypto?
From a classical charting perspective, CVX chalked a descending wedge pattern from its 2024 price action. The wild +80% breakout rally could be just a teaser for CVX.
In most cases, a breakout from the pattern tends to soar to a level similar to the height of the wedge.
If the classical scenario plays out, that would translate to the $5 price target. That’s an implied 134% price rally.
