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- Conflux Network raised $10M from DWF labs to expand, innovate and create a barrier free blockchain ecosystem.
- CFX crypto price shot up 22% on intraday basis and formed bullish engulfing candle
- Conflux Network expanding aggressively after partnering with China Telecom to develop Blockchain enabled SIM cards (BSIM)
Conflux (CFX) crypto price is trading with the bullish cues and bulls are trying to give follow up momentum to bring back the confidence of its long term investors. However, the CFX prices have rallied 260% approx in the previous month so, it is expected to consolidate for some time before deciding the further direction.
The developers of the Conflux Network said that it raised $10 million form the DWF labs and the funds will be used to “expand, innovate and create a barrier free blockchain ecosystem”. DWF Labs purchased CFX from the project team and the CFX would be “linearly unlocked” over an undisclosed period.
The Conflux Network CFX/USDT is trading at $0.2308 with an intraday loss of 3.55% and the 24-hour volume to market cap ratio at 0.5722
Conflux token Price might reach $1?
Conflux (CFX) crypto price is in uptrend and bounced back from the support levels by forming a bullish engulfing candle when market came to know that DWF labs had purchased $10M worth of CFX from the project Conflux project team which clearly shows that investors are confident about the future outlook of the Conflux blockchain and expecting good returns in their recent investment.
In the mid of February, Conflux (CFX) crypto prices had woken up from sleeping mode and managed to push the prices above the 50 and 200 day EMA which had triggered the positive sentiment and prices shot up 586% in a short period of time. Later, CFX prices took a halt at $0.3686 and after a little bit of consolidation it started cooling off from the higher levels. Therefore, $0.3686 will act as an immediate hurdle for the bulls whereas if buyers succeed to break out of the $0.3686 level then CFX might begin the journey to reach $1.00 in coming months. However, if the overall market sentiment turned negative then prices may struggle to give follow up momentum and might retest the support level of $0.1500
The technical indicators of the Conflux (CFX) coin like MACD had generated a negative crossover but the curve is tilting sideways indicating the prices are expected to consolidate for some time whereas the RSI at 59 sloping down also denotes the prices might enter into the neutral zone. Moreover, technical analysis shows that the prices are in bulls grip and any short term correction will be easily absorbed by the responsive buyers.
Summary
Conflux (CFX) crypto price is again picking up the positive momentum when DWF labs had purchased $10 million of CFX from the project team which shows that Conflux team has decided to aggressively expand their blockchain network to create a barrier free blockchain ecosystem which will benefit in the long run.
Technical levels
Resistance levels : $0.3686 and $0.5016
Support levels : $0.1500 and $0.0878
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
