Conflux is a blockchain network that aims to establish a permission-less and open-source platform that can process high volumes of transaction on a global scale. Conflux provides users with a fast, secure, and efficient ecosystem that can execute contracts and process transactions in real-time.
Despite its many merits, Conflux’s native token CFX has not performed well in terms of market price. However, earlier this year, CFX experienced a sudden surge in value, prompting many investors to take a closer look at its potential for growth.
Current market analysis of Conflux reveals that CFX was trading at $0.2882, a decrease of 14.36% during the intraday trading session. The 24-hour low of CFX was recorded as $0.2495, and the 24-hour high was at $0.3449. However, despite this dip, the current Conflux token price is above the 20, 50, 100, and 200-Day EMA.
The pair of CFX/BTC also showed a decline, with a trading price of $0.000000005102 BTC, with a dip of 5.98% during the intraday trading session. Nevertheless, the overall Conflux token price prediction suggests that it is currently in an uptrend after showing a bullish reversal over the daily trading chart.
At the start of 2023, the CFX token was trading near its secondary support of $0.0219. Then, towards the end of January 2023, the token started rising slowly. Finally, the sudden increase in trading volume and the formation of the bullish candlestick over the daily trading chart helped the CFX token break its primary resistance of $0.0505.
However, after breaking its primary support, CFX did encounter some resistance. After the appearance of a spinning top candlestick pattern with long shadows over the daily trading chart, sellers pushed the CFX token back below its primary resistance of $0.167. But, after the appearance of the morning star candlestick pattern over the daily trading chart, the CFX token again started its uptrend.
Market analysis shows that the volume of the coin fell by 25.07% in the last 24 hours. The decline in volume indicates that the number of sellers has increased. This points out that sellers are trying their best, which can signify a weakness in the current bullish phase.
Conflux price prediction analysis shows that RSI is increasing in the overbought zone and showing a positive crossover. This indicates that buyers are pushing CFX upwards, which shows a weakness in the current bearish trend. The current value of RSI is 62.74, which is above the average RSI value of 54.12.
Meanwhile, MACD and signal lines are increasing and showing a positive crossover over the daily chart, which supports the RSI claims. These technical indicators suggest that investors need to watch every move over the charts during the day’s trading session.
Conflux price prediction forecasts that CFX is currently in an uptrend, despite the recent dip. The decrease in volume shows the negative market sentiment towards the CFX token, but both RSI and MACD are increasing and have shown a positive crossover over the daily trading chart, indicating strength in the current uptrend. This presents a good opportunity for long traders to enter the market.
Conclusively, Conflux is an exciting blockchain project that aims to provide users with a fast, secure, and efficient platform. CFX is its native token that holds significant potential for growth in the future. However, it is always important to remember that investing in or trading crypto assets comes with a risk of financial loss. Therefore, investors need to take caution and make sound decisions always.