- Conflux (CFX) has seen a gradual increase in token holders, but a significant portion of the supply is concentrated in the hands of a few large holders.
- The derivatives market for CFX has been growing, with increased volume and open interest.
Conflux (CFX) price has been gaining traction recently. This article dives into several aspects of CFX, including the number of token holders, market performance, derivatives market activity, and technical analysis. The report concludes with a disclaimer, highlighting that it is for informational purposes only and does not constitute financial advice.
Conflux (CFX) has been steadily gaining traction, with a gradual increase in token holders. The total number of holders stands at 22.1K. A significant portion of the total supply (71.85%) is concentrated in the hands of the top 10 holders, indicating a relatively high degree of centralization.
At the time of writing, the CFX token was trading at $0.1867, representing a 4.8% increase over the past 24 hours. This positive price movement could influence future price predictions. The token’s market capitalization reached $828.899 Million, securing its position as the 80th largest cryptocurrency by market cap. Its dominance within the global crypto market stands at 0.04%.
Conflux has exhibited a high degree of price volatility, with a standard deviation of 11.35%. Additionally, the token’s supply inflation rate is substantial at 35.7%. These factors suggest a higher probability of unpredictable price fluctuations, potentially leading to periods of appreciation followed by depreciation.
The largest holder of CFX possesses a substantial portion of the total supply, controlling 42.57%. This concentration of ownership in the hands of a few individuals highlights the potential influence they can exert on the token’s price and market dynamics.
Open Interest for CFX is up 12%
The long/short ratio for Conflux (CFX) stands at 0.9869, indicating a relatively balanced sentiment among traders. However, the recent liquidation of $400.47K worth of long positions suggests that some traders were forced to close their positions due to adverse price movements.
The derivatives market for CFX has witnessed significant growth over the past 24 hours. The derivatives volume has surged by 240%, reaching a traded value of $330.5 Million. This increase indicates heightened interest and activity in the derivatives market.
The open interest for CFX derivatives has also experienced a slight uptick of 12%. This rise suggests that traders are maintaining and potentially increasing their open positions in CFX derivatives.
The prevalence of short liquidations, totaling $317.16K, highlights the dominance of sellers in the CFX market. This suggests that traders are anticipating a potential decline in the token’s price.
CFX Token Price Sustains the Breakout Level
Conflux (CFX) has been experiencing a downward price trend, characterized by a series of lower lows on the daily chart. However, there are indications of a potential reversal. The emergence of strong, bullish candlestick patterns suggests a shift in momentum.
While the bullish candlesticks have been encouraging, CFX has struggled to break above higher resistance levels, leading to a period of consolidation. The token has been trading within a defined range for the past two months.
To confirm a bullish uptrend, CFX must decisively break above the current consolidation zone and maintain above this level. Such a breakout could signal a stronger upward movement.
Indiactors Highlight Bearishness
The 20, 50, and 200-day Exponential Moving Averages (EMAs) have been in a death cross configuration for an extended period. This bearish technical indicator, where the shorter-term EMAs cross below the longer-term EMAs, has coincided with a sustained downtrend in the Conflux (CFX) price.
CFX/USD Chart by TradingView
The Moving Average Convergence Divergence (MACD) and its signal line have been trading in negative territory. This indicates a potential bearish bias and suggests that the price may be experiencing a period of volatility or uncertainty.
The Relative Strength Index (RSI) has fallen below both the 50-level and the 14-day Simple Moving Average (SMA). This indicates that the CFX price is currently oversold, suggesting a potential for a short-term rebound. However, it also highlights the ongoing weakness in the overall price trend.
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 decision.
