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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Nov 19, 2024 07:16 UTC
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Crypto Trades Profits $1.48M on SPX Token Sell-Off After 29% Dip
Trader bought 3.068M SPX for $242K before price soared to ATH making 6x return.
SPX peaked at $1.20 before dropping 50%, now showing consolidation signs.
Despite price fall, trader still holds 1.618M SPX tokens for future potential.
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.
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