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- 1 The Conflux crypto’s price faces resistance from the trendline, which decreased by 26.39% over the last month.
- 2 The price of the CFX crypto is trading at $0.13069 and the 52-week range is $0.02156783 – $0.48866883.
According to a recent update from CFX on Coinmarketcap, a crypto data analysis website, tenet_org, Qtum_Foundation, and Conflux are joining forces to boost the liquid staking industry in China. They offer liquid staking derivatives (LSDs) from AnkrTeam to users who stake $1M in native tokens on Conflux and Qtum_Foundation platforms. These LSDs can be used on the tenet_org network to increase yield and utility. They aim to support the liquid staking market in China and foster a more diverse and lively global community.
Conflux crypto surged by 5.82% in market value and surged by 183.89% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. Its market value is $4,11,623,949 and its trading volume is $54,016,735. There are currently 3,172,773,551 CFX in circulation.
Technical Analysis in the 1-Day Timeframe
CFX crypto price showed a downward trend for the past six months, decreasing by 30.96% during this period and the price fell, making lower lows and highs.
At the time of publication, the CFX crypto price had faced tremendous selling pressure and fell like a meteor, and bearishness is displayed over the charts. The Most important Fibonacci level 50.00% was breached by June 5th, 2023, and declining. Overall, the bears are strong and the price is unable to re-establish bulls’ control.
Therefore, CFX crypto price could resume its downward strength and reach the supports of $0.1120 and $0.1000, if it fails to maintain the current level it might fall beyond.
However, if the price sustains at the CMP level and ascends by breaking the opposing trendline, then it might hit the nearest target resistance levels of $0.1700 and $0.2000.
At the time of publishing, the CFX crypto price is trading below the 20 and 50-day exponential moving averages, opposing the CFX crypto price trend.
The MACD line, currently at 0.01003594, and the signal line, at 00.01209399, are positioned below the zero line, Both lines have intertwined and the gap is slim indicating consolidation in price as noticed in the MACD oscillator. The present value of the relative strength index (RSI) stands at 44.31 points, while the 14-day simple moving average (SMA) is positioned below the median line at 33.95 points. These indicators combined together suggest neutral to bearish sentiments.
Conclusion
CFX crypto price prediction indicates the neutral to bearish sentiments and perspectives of investors and traders regarding the crypto in the daily time frame. Conflux price action highlights a consolidation to a negative outlook at the time of publishing. Moreover, the most sought and reliable technical oscillators like RSI, EMA, and MACD suggest the continuation of neutrality over the daily time frame chart regarding the price.
Technical Levels:
- Support levels: The nearest support levels are $0.1120 and $0.1000.
- Resistance levels: The nearest resistance levels are $4.668 and $5.078.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency 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.
