- The Conflux crypto price has advanced by 3.2% in the last 24 hours.
- The derivative trading volume of CFX crypto has witnessed a huge surge.
Conflux Network is a public blockchain platform for dApps and digital assets. It uses Tree-Graph consensus to achieve high speed and low cost. It was created by Dr. Andrew Yao and his team. It supports smart contracts, staking, and various use cases. It has its own token, CFX.
Being launched in the year 2016, the Conflux crypto hit its all-time high price of $1.70 in March 2021. The trading volume of the CFX crypto has advanced by 50.17% in the last 24 hours. It has resulted in a traded volume of $55.192M.
The market cap of the CFX crypto has advanced by 7.35% in the last 24 hours. Following this, the volume of crypto has resulted in a surge. This behavior in the price data represents the possibility of the price trying to break above the current levels.
The current volume/market cap ratio of the CFX crypto is 0.0992. It also has a max supply of infinity followed by a fully diluted market cap of $1.0B.
Conflux Crypto Blockchain Data
It can be clearly seen on the charts that the TVL of the Conflux is following its price trend over a period of time. The current TVL of the crypto is $23.95M, which is slowly advancing with the advance in the crypto price.
Conflux Crypto Derivatives Analysis
The current long/short ratio of the Conflux crypto followed by the last 24 hours is 0.9581. It has resulted in a long liquidation of $113.81K against the short liquidations of $49.25K. Moreover, the derivatives trading volume of the crypto has advanced by 42.7% resulting in $183.63M.
CFX Crypto Technical Analysis
The CFX crypto was following a strong uptrend on the weekly charts but witnessed a huge sell-off from the recent swing high of $0.4800. It led to the formation of a strong dynamic trendline and the price has again broken above the same. It shows that the buyers are again trying to gain dominance over the trend.
CFX/USD Chart by TradingView
The 50-day and the 200-day EMA has given a fresh bullish crossover on the daily chart of the CFX crypto. Despite this, the crypto is forming uncertain candles on the charts. If the crypto price breaks above the last swing high and sustains above the EMAs, the bullish trend for the CFX crypto might continue.
The RSI is also trading in a small range revolving around above the 50-level. Moreover, it is following a bullish cycle as it advanced to the overbought zones a few days ago. That shows the possibility of upmove in the crypto price.
Conclusion
The CFX crypto price has recently shown signs of a bullish reversal, breaking above a dynamic trendline and the key EMAs. The technical indicators are also in favor of the bulls, as the RSI is above 50 and the volume is increasing. The CFX crypto could be a great opportunity for investors who are looking for a high-potential cryptocurrency.
Technical Levels
- Support levels- $0.0190 and $0.10240
- Resistance levels- $0.4890 and $0.85240
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.