- Huge volume activity in the Conflux crypto has been recorded in the last 24 hours.
- In the last 24 hours, the CFX trading price has advanced by 5.3%.
Conflux Network is a public blockchain network that enables fast and secure dApps and digital assets. It was created by a team of blockchain experts led by Dr. Andrew Yao. The Conflux token (CFX) is the network’s native currency.
The Conflux crypto has witnessed a huge advance of 270% in its trading volume, resulting in a traded volume of $128.299M. Following this, the market cap of the crypto is also advancing, resulting in a market cap of $760.135M.
The current market cap ranking of the crypto is 90th and the volume/market cap ratio of the Conflux is 17.05%. Moreover, the current circulating supply of the Conflux crypto is 3.557B CFX and a total supply of 4.957B CFX.
Conflux also has a maximum supply of infinite tokens and the fully diluted market cap of the crypto is $1.061B. Also, the market cap dominance of the crypto is 0.04% and the all-time high price hit by the crypto is $1.70.
Conflux Derivatives Analysis
The derivatives trading volume of the CFX crypto has advanced by 373% in the last 24 hours, resulting in a traded volume of $430.46M. Following this, the open interest has advanced by 15.60%. The long liquidation of the Conflux values at $207.70K against the short liquidation of $246.60K. Moreover, the long/short ratio for the crypto is 0.9885 as per Coinglass.
CFX Crypto Technical Analysis
The CFX crypto has broken above the triangle pattern on the weekly timeframe resulting in a strong uptrend. Following the breakout, the CFX crypto price also has broken above the change of character level to bullish.
If the crypto price continues to sustain above the breakout levels, the bullish momentum in the price can lead to higher resistance levels.
CFX/USD Chart by TradingView
The price of the crypto is trading above the 50-day and the 200-day EMAs. Moreover, the EMAs are trading in a golden cross and consistently advancing.
The RSI is trading at a level of 64.12 and has broken above the 14-day SMA, leading to higher levels. Thus, the RSI is also bullish on the charts indicating a strong uptrend.
Conclusion
Conflux Network is a promising blockchain project that has seen a surge in its trading volume and price. The CFX crypto has broken above a triangle pattern and is in a bullish trend. The technical indicators support the positive outlook and suggest that CFX could reach higher levels in the future.
Technical Levels
Support Levels: $0.10240 and $0.17330
Resistance levels:$0.48960 and $0.85240
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.