- The CFG coin price is currently at $0.4490.
- The coin price is up by 116.6% in the month of October.
CFG is a native token of the Centrifuge network which is a decentralized asset financing protocol. It aims to ensure the availability of credits to small businesses, provide a stable source of income to its investors, and unseal the liquidity of real-world assets. The utility of the coin is to provide network security, pay transaction fees within its platforms, and give rewards to its users while achieving certain milestones.
Centrifuge (CFG) Stock Analysis
The CFG coin price has registered a decline of 0.03% in the last 24 hours and it is currently trading at $0.4490 with a 24-hour trading volume of $1,398,950. It is ranked at the 160th position by CoinMarketCap based on its market capitalization of $157,149,082. It has a circulating supply of 360,263,043 CFG coins.
Price Analysis of CFG Coin on the Daily Timeframe
At the start of September 2023, the CFG coin initiated a bullish rally with the support of an ascending trendline. Currently, the price shows strong bullish momentum and has recently given the breakout of the $0.3793 resistance level. Currently, the price is facing difficulties in rising above the $0.4496 resistance.
The 50-day and 100-day EMA lines are below the price and have started to slope in the upward direction. However, the coin is trading far from the EMAs and a pullback could be seen where the price will retest the EMA lines.
The relative strength index (RSI) is at 78.80, which is marked as overbought territory. This indicates that a price decline is expected as it is trading above its intrinsic value. As of now, the price is encountering difficulties in continuing its rise as it is facing a strong rejection from the $0.4496 resistance level. The technical indicators are also pointing towards a pullback that could be seen in the upcoming trading sessions. So we can expect a fall in price till the $0.3793 level which is acting as support and the EMA lines are also there to act as a support for the price. After this, it can continue its bullish trend and can again retest the $0.4496 resistance level. If it also breaks above this level, then the bullish rally will continue to its next resistance at $0.5688.
The sellers have lost their control over the price and to regain their control they must close the price below the ascending trendline. This can cause buyers to lose their control over the price and it can fall to its immediate support at $0.2914. If it also breaks below this level, then it may continue its fall to its next support at $0.2084.
Conclusion
The overall trend and future price prediction of the CFG coin are bullish. A pullback is expected as the price is facing rejection from the $0.4496 resistance level. The technical indicators show that the price can decline in the short term. However, as long as the price is sustained above the $0.3793 and the EMA lines, the bulls can easily make the price rise.
Technical levels
- Resistance Levels: $0.4496 and $0.5688.
- Support Levels: $0.3793, $0.2914 and $0.2084.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.