Crypto Trades Profits $1.48M on SPX Token Sell-Off After 29% Dip
Mustafa Mulla19 Nov 20242 min read
A savvy trader recently made a huge profit, selling 1.45 million SPX tokens for $835,000 after the price dropped by nearly 29%. This move comes as part of a smart strategy that has paid off immensely, with the trader still holding a significant position in the SPX token.
What can you learn from this?
Smart Moves, Impressive Returns
According to SpotOnChain, a top market intelligence platform, the trader made two key purchases on September 15 and October 6, buying 3.068 million SPX tokens for just $242,000 when the price was between $0.18 and $0.31. These purchases came just before SPX prices skyrocketed, setting up a massive return on investment.
As the value of SPX increased, the trader saw a massive return, multiplying their initial investment by 6x.
Taking Profits After Price Drop
When SPX dropped by nearly 29%, the trader decided to sell 1.45 million tokens, making around $835,000 from the sale. Even after this, the trader still holds 1.618 million SPX tokens, with an estimated total profit of $1.48 million.
Had they sold at SPX’s peak of $1.20, the profit would have been as high as $2.77 million.
SPX Price Analysis
SPX recently reached a high of $1.20, showing impressive growth. However, the token has since lost nearly 50% of its value. While the drop might seem worrying, technical indicators suggest the market could be consolidating rather than experiencing a full sell-off.
The Relative Strength Index (RSI) has dropped to 54, indicating a more neutral momentum, while the MACD is slightly trending downward, pointing to a cautious outlook for now.
What’s Next for SPX
On a positive note, SPX has found solid support at around $0.51, with hopes of a potential bounce back to $0.65 or even $0.75. If the decline continues, the next major support level to watch is $0.344.
Currently, SPX is trading at about $0.522, down 10% in a single day, with a market cap of $484.9 million. Whether this is a brief pause before a recovery or a deeper correction is yet to be determined.
With technical indicators in play and support levels holding strong, SPX’s journey continues to be one to watch.
