- The Conflux token is moving in a falling wedge pattern.
- Conflux (CFX) has a market cap of $370.5 Million, with a decline of 6.29% in today’s market session.
The Conflux (CFX) token is trading with downward momentum. The price of CFX is forming a pattern of lower lows. The price of the CFX token is creating a solid bearish pattern.
Financial Data of Conflux (CFX)
The current market price of the Conflux token is $0.11, with a decline of 7.30% on September 12, 2023. The market cap of CFX is $370.5 Million, and the fully diluted market cap is $599.7 Million.
The Conflux token hit an all-time high of $1.70 on March 27, 2021. Since then, the price has declined by over 93.3%. However, the price has found support at the $0.02 level, and it has tried to recover. The token has shown a recovery of 2282% in just two months. This was a massive spike in the price. This uptrend didn’t last long, and after hitting the swing high of $0.48, the price started declining again.
Currently, the price of CFX is moving inside a falling wedge pattern. This is a negative pattern. Additionally, inside this wedge, the token has given a breakout in the narrow channel. This again confirms the ongoing trend in the coin. Multiple factors are confirming the downtrend in the coin.
The Open Interest of Conflux (CFX) token is $30.7 Million. The currency has shown a decline of 2.38% in OI. This indicates that the buyers are taking less interest in making new positions.
The coin has shown a price decline of almost 37% in the last three months. The price is moving by creating a weak price structure, and an overall price decline is to be expected in the future.
The technical summary widget reveals the negative price momentum in the CFX token. Out of 26 indicators, 16 give a sell signal, and only one is positive. This is another factor that confirms a downtrend momentum in the coin.
Conflux (CFX) Technical Analysis
The Conflux token price is below the 50-day and 100-day EMA levels; a bearish crossover in the price is seen. This is a weak signal for the coin.
The RSI is near the 38 level. The RSI line is below the SMA line, and further negative momentum in the price is expected.
The MACD line is also displaying negative signals for the CFX token.
Conclusion
In conclusion, the Conflux (CFX) token is negative on the charts. The price has declined significantly. The overall chart structure is negative, and the price will probably drop further if it continues to trade below the resistance level.
Technical Levels
- Support Level: $0.82
- Resistance Level: $0.11
Disclaimer
The views and opinions of the author or anyone named in this article are for informational purposes only. They do not offer financial, investment, or other advice. Investing in or trading crypto assets involves the risk of financial loss.