- The CFX coin was trading at $0.172 with an intraday increase of 0.88%.
- The token has given a breakout from the falling wedge pattern.
- It is also moving above the 50-day EMA.
Conflux is an open-source layer-1 blockchain that was created to strengthen the decentralized applications, e-commerce, and Web 3.0 infrastructure by being more scalable, decentralized, and secure than existing protocols.
Conflux was created to strengthen the dApps, Web 3.0 structure, and e-commerce by being more decentralized, scalable, and more secure than the other protocols.
CFX makes it easy to relocate worthy and valuable assets by making the process fast, effective, efficient, and free of network blockage, and with lower transaction costs. The platform is built on the Tree-Graph consensus mechanism, and it integrates Proof-of-Work and Proof-of-Stake algorithms to accomplish consensus. The protocol uses Turing-complete smart contracts written in Solidity, just like those on Ethereum, and is unanimous with the Ethereum Virtual Machine.
The CFX token was trading in a bearish movement from the end of June and the price ended up forming a falling wedge pattern. The price has recently given a breakout from the falling wedge pattern, taking support from the bottom of the wedge and the support level of $0.100 to $0.120. It has already regained the $0.150 level as a support. The token is presently trying to break the resistance level of $0.170 to $0.183.
The token has recorded a positive ROI of 37.53% in the last 1 month. It has marked a yearly high of $0.4885 in the middle of March.
The present circulating supply of the token is 3.45 Billion CFX. The trading volume has surged by 61% in the last 24 hours. This token’s market capitalization is presently at $597.75 Million.
Sentiment Analysis
The volume of the token has increased by 2% within a week, which caused a positive change in the price by 2.047%. Spam volume has surged by 140.7%, which shows spam on social media has started increasing. The market cap of the token is also rising which is a positive signal towards an upward movement in the token’s price.
Technical Analysis Of CFX Token (Daily-1D)
The CFX token’s price volume has started to increase in the daily time frame and showing bullish dominance in the market. If the price breaks the resistance level of $0.170 to $0.183, then the price can reach the level of $0.211 and further after breaking the resistance of $0.2110.
However, If the price gets rejected from the resistance level of $0.170 to $0.183, then the price can get down to the level of $0.150 to retest the support. On losing the support of $0.150, the price can fall to the 50-day EMA and further to the support range of $0.100 to $0.120.
200-day EMA and 50-day EMA
The token’s price is presently sustaining above the 50-day EMA which shows short-term bullishness in the token. Its cross above the 200-day EMA will be further bullish for the price.
Relative Strength Index (RSI)
The RSI is above the neutral level 50 moving at 68.45 points representing a bullish cross above the SMA 14, which indicates a bullish signal and the bullish strength present in the token’s market.
CFX LIVE CHART
Conclusion
The Price action and the overall analysis of the Conflux token indicate that the price is presently bullish as the volume has started to increase. Its price will also soon cross above the 200-day EMA as soon as it breaks the resistance level of $0.170 to $0.183. The bulls are also presently dominant and in favor of a bullish price action.
Technical Levels
Support Level: $0.150 and $0.100 to $0.120
Resistance Level: $0.170 to $0.183 and $0.2110
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.