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- 1 The price of CFX is currently trading near $0.1853 with an appreciation of 49.71% in the 24-hour trading volume.
- 2 The CFX price is up by 8.71% within the last 7 days.
Conflux price prediction indicates that the CFX price is presently moving within a descending channel in the one-day time frame. The price is presently making a consistent lower high and low pattern. The channel pattern is often said to be a beneficial pattern for short-term investors as it often gives predictable movement in a non trending market for a prolonged time.
Presently, the price is moving in the supply zone of the market structure. It is facing severe resistance from the 200 EMA which is moving below the 100 EMA level. According to price action, market structure, EMA levels, and oscillators, the bears hold an edge over the bulls. Investors might count on this edge to plan their next move in the near future.
Conflux Network is an open protocol for the new world of DApps, finance, and Web 3.0 operating as a swift and protected blockchain. Conflux network medium works on an account-based platform like Ethereum.
Conflux is a public blockchain network that seeks to enhance the scalability and safety of existing blockchain platforms. Conflux utilizes CFX coin as its native token which can be used to pay gas fees and transactions on the network.
Conflux Price Prediction: Technical Analysis on Daily Chart
If the sellers succeed in taking control of the price action, Conflux crypto can make a 42% downturn in the near future on the one-day chart. As the price is taking constant resistance from the 200 EMA point while consolidating, it can take a plunge shortly. The breaking of this immediate support level will bring the bears’ arrival.
The relative strength index (RSI) line is moving above the 14 SMA. The current RSI value of the CFX token is 41.42 points. The RSI line is presently taking support from the 14 SMA levels at around 41.32 points.
The stochastic RSI line is moving near the median line and might make a positive crossover. The present value of the stochastic RSI is 41.23 points, it is presently in the neutral zone.
Conclusion
According to the analysis, the CFX token is consolidating in the demand zone on a day chart below crucial EMA levels. If the sellers succeed in taking control of the price action, Conflux crypto can lose 40% of its value in the near future. The bears presently hold an edge over bulls as most of the indicators are in their favor.
Technical Levels:
Support -$0.1000
Resistance – $0.2000
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.
