Million

when

<p>A <a href="https://coinpedia.org/news/top-altcoins-to-buy-before-bitcoin-hits-100k/" target="_blank" rel="noreferrer noopener">savvy trader</a> 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.&nbsp;</p>   
<p>What can you learn from this? </p>   
<h2 class="wp-block-heading" id="h-smart-moves-impressive-returns">Smart Moves, Impressive Returns </h2>   
<p>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. </p>   
<p>As the value of SPX increased, the trader saw a massive return, multiplying their initial investment by 6x.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/spotonchain/status/1858700778413977900 
 </div>
</figure>   
<h2 class="wp-block-heading" id="h-taking-profits-after-price-drop"><strong>Taking Profits After Price Drop</strong></h2>   
<p>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. </p>   
<p>Had they sold at SPX’s peak of $1.20, the profit would have been as high as $2.77 million.</p>   [post_titles_links postid="381257"]   
<h2 class="wp-block-heading" id="h-spx-price-analysis">SPX Price Analysis</h2>   
<p>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.</p>   
<p>The <a href="https://coinpedia.org/traders/what-is-relative-strength-index-rsi/" target="_blank" rel="noreferrer noopener">Relative Strength Index</a> (RSI) has dropped to 54, indicating a more neutral momentum, while the <a href="https://coinpedia.org/traders/moving-average-convergence-divergence-macd/" target="_blank" rel="noreferrer noopener">MACD</a> is slightly trending downward, pointing to a cautious outlook for now.</p>   
<p><strong>What’s Next for SPX</strong></p>   
<p>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.</p>   
<p>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.</p>   
<p><strong>With technical indicators in play and support levels holding strong, SPX's journey continues to be one to watch.</strong></p>

Crypto Trades Profits $1.48M on SPX Token Sell-Off After 29% Dip

Table of Contents

CoinPedia News

Other articles published on Nov 19, 2024

MicroStrategy Purchases 51,780 More $BTC to Expand Its Bitcoin Holdings

Missed Polygon? Check Out This Next 1000X Potential Token Making Waves as the Best Crypto to Buy ...

Toncoin Price To Reach $12?

BABY Pnut: The Next Big Meme Coin on BSC | Liquidity Locked | Tax 5/5

Raydium (RAY) rises to one-year high after Bithumb added Korean won pair

Traders, Be Careful! Large Token Unlocks Coming for SOL, DOGE, SUI, and Other Cryptos

Join our free newsletter for daily crypto updates!