- The trading of the CFX crypto is drying out followed by the last 24 hours.
- The Conflux trading price has advanced by more than 30% in the last 7 days.
Conflux Network is a public blockchain network for dApps and digital assets. It uses Tree-Graph consensus to achieve high speed and low cost. It was created by Turing Award winner Dr. Andrew Yao and his team. Conflux token is the native currency on the network.
With the decrease in the CFX crypto trading price, the market cap of the crypto has declined by 3.21%, resulting in $680.706M. When writing, the traded volume of the crypto in the last 24 hours, is $90.556M. It resulted in a volume/market cap ratio of 16.51%.
The circulating supply of the CFX crypto is 3.549B CFX and the total supply of the crypto is 5.278B CFX. Its fully diluted market cap is $1.011B. Moreover, the maximum supply of the crypto is infinite.
The current market cap dominance of Conflux is 0.043% and the market cap rank of the crypto is #84 as per Coingecko. Currently, the CFX crypto price is trading 88% below its all-time high price.
Conflux Derivatives Analysis
The derivate trading volume of the Conflux has declined over a period when compared to April of 2023. The current trading volumes are too low, which indicates that the presence of the traders has reduced. Moreover, in the last 24 hours, a high long liquidation of $402.27K was recorded by Coinglass.
CFX Crypto Technical Analysis
After witnessing a sell-off to certain lows, the CFX crypto price has broken above the dynamic trendline indicating a bullish breakout on the chart. Currently, the crypto price is facing resistance at a crucial change of character level and if it breaks above the following level, it can lead to new highs.
CFX/USD Chart by TradingView
Looking at the daily chart of the CFX crypto, the price has broken above the level of $0.1233, which represents the change of character to bullish. After the breakout, the price advanced to certain highs, leading to a further break of structure. It shows that the CFX price is following an uptrend.
The most important swing low of the crypto at the moment is at $0.1430. It means that if the price breaks below this level, it might change its trend and continue to decline to further lower levels.
Moreover, the MACD on the daily chart is also giving a buy signal indicating bullishness on the charts. It is also forming bullish volume blocks, which shows that the positive volume is gaining in the market.
Conclusion
Conflux, a high-performance blockchain network coin, has broken above a key resistance level and entered a bullish trend. The price has risen by over 100% and the MACD is giving a buy signal. The price is also trading in a bullish structure. Thus, the CFX coin has a strong potential to reach new highs in the future.
Technical Levels
- Support levels- $0.021880 and $0.1000
- Resistance levels- $0.46270 and $0.7190
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.