- Conflux is one of the top 100 crypto assets in the global crypto market.
- The CFX tokens’s price has advanced by 700% from its all-time low of $0.02191.
As per Certik Skynet, the Conflux Network’s security score was strong and belonged to a tier at the time of writing.
Also, the Conflux Network project’s GitHub account is 5 years and six months old and has earned 806 stars. It raised a total amount of $128.0M, and the token’s community score was very good, resulting in 92.70.
The Conflux token’s market cap has advanced by 19% in just the last 24 hours. This resulted in a market cap value of $775.74M, which showed the token’s strong market presence. Also, the token’s market cap ranking has been #91, as per CoinMarketCap.
Following the surge in the market cap, the token’s traded volume value has also advanced by 92%. This resulted in a traded value of $71.125M, which was 8.7% of the token’s market cap. This showed good liquidity in the token’s price.
Conflux Token Derivatives Data Analysis
The Conflux token’s derivatives traded volume value has also advanced by 145% in the last 24 hours from the press time. This resulted in a traded value of $160.41M.
Although the token’s derivatives traded volume advanced in the last 24 hours, the volume chart showed no significant change. Thus, a higher rise in the token’s trading volume has been required to breach its average trading frequency.
Additionally, the shorts liquidated over the last 24 hours were worth $264.94K, against which longs worth only $51.70K have been liquidated.
CFX Token Technical Analysis
The CFX token price has traded in a downtrend, and consistent lower lows were formed on the token’s daily chart a few months ago.
The token price has formed a bullish price action followed by strong bullish candlesticks on the chart. The price also broke out above a strong resistance level and has sustained above the same at press time.
The following behavior of the CFX token price exhibited a bullish character and showed a possibility of a further surge.
CFX/USD Chart by TradingView.com
The EMAs on the token’s daily chart have traded in a death cross while the token’s price crossed above the 50-day EMA. This exhibited an uncertainty regarding the bullish character of the token’s price.
The MACD metrics advanced to the bullish trajectory, followed by the formation of bullish histograms on the chart.
The RSI crossed above the 14-day SMA and broke out above the 50-level. This showed a rise in the bullish momentum of the token.
CFX witnessed a 19% market cap increase
Conflux (CFX) showed strong bullish momentum, with a 19% market cap increase and a 92% surge in trading volume.
Technical indicators, including a bullish MACD and RSI, supported potential further gains. The token’s security score has been high, and recent price action suggested continued upward movement.
The token’s price might take support at the levels of $0.880 and $1.20, followed by the resistance levels of $1.80 and $2.30.
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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.