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- 1 Conflux token’s price is under increasing selling pressure from bears.
- 2 CFX has increased by 31.05% in the last 7 days.
Conflux price prediction insinuates that the CFX coin is presently facing selling pressure, a crucial resistance point. The bears seem to be prepared to pounce on the opportunity presented to them by the CFX price action. Although the price of Conflux coin is presently trading above the 200 Moving Average and Exponential Moving Average on the daily timeframe which is acting as a crucial support level often respected by the big shots and small players of the market.
Conflux Network is an open protocol for the new world of DApps, finance, and Web 3.0 acting as a fast and secure blockchain. Conflux network platform operates on an account-based platform similar to Ethereum. Conflux is a public blockchain network that aims to enhance the scalability and safety of existing blockchain platforms. Conflux uses CFX coin as its native token which can be used to pay gas fees and transactions on the network.
Currently, CFX coin is witnessing a rejection from its previous resistance point near $0.3000. Till present, the price has been making capturable and consistent lower highs and lows. However, the predictable pattern followed by CFX coin may change as currently, the Conflux price has a significant support level in the form of 200 EMA. The buyers may prefer to keep a keen watch for a possible breakout though if the price succeeds in breaking below the 200 EMA it can see a 40% drop.
According to price action, the path of least resistance for the CFX coin is bullish.
Technical Analysis of CFX Price On Daily Chart
The RSI line is steadily ascending toward the supply zone. Presently, the RSI value of the CFX coin is approximately 53.36 points, gaining support from the 14 SMA at 39.55 points. The RSI line suggests that Conflux coin can make another bullish attempt to make a breakout above the resistance.
The stochastic RSI is taking a negative reversal from the overbought zone. The %K has recently given a bearish interception to the %D line. The current value of the stochastic RSI is 94.50 points and may soon reach the demand zone.
Conclusion
After experiencing a bearish drop, the value of CFX price might continue to decline if the price is successful in breaching its current support level. The path of least resistance for the CFX coin is bullish according to some successful investors the path of least resistance is most probable in case of price action.
Technical levels –
Support – $0.1000
Resistance – $0.3000
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.
