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- 1 CFX price is currently trading above the key moving averages, showcasing bullishness.
- 2 Bears have been active in the past few trading sessions.
Conflux Crypto price has been facing bearish pressure in the past few sessions. The price halted near the $0.22989912 mark and is heading toward the support level of $0.17202833.
As per trading view, the oscillator indicates that the current price is overbought. Investors are optimistic about next week’s results. The price of the CFX cryptocurrency rose by about 28.64% over the past week and by 15.50% over the past month.
Moreover, in the long term, the cryptocurrency has also performed well, with the cryptocurrency gaining about 48.18% in the last three months and crypto gaining about 772.88% year to date.
At the time of publication, Conflux Crypto was trading slightly at $0.19030442 with an intraday drawdown of 0.90%, moving below $0.200000000, indicating bearish sentiment on the charts. In addition, the intraday trading volume is 93.919 Million. Conflux Crypto’s market capitalization is $681.124 Million.
Conflux crypto reached its peak value of $1.70 on Mar 27, 2021, more than two years ago. Since then, its price has dropped by almost 89%. On the other hand, Conflux (CFX) hit its lowest value of $0.022 on Dec 30, 2022, about 11 months ago. Since then, its price has risen by over 769%.
Conflux (CFX) has a potential market cap of $1.04 Billion, based on the assumption that all 5.4 Billion CFX tokens are in circulation today. However, this is a theoretical scenario, as the actual number of CFX tokens in circulation may vary depending on the emission schedule of the tokens. Therefore, it may take several years before the potential market cap is realized.
Technical Analysis on the One-Day Time Frame
Conflux Crypto showed seller strength and daily charts showed profit taking. Moreover, the price is trading above the major EMAs, indicating strength for the cryptocurrency.
The RSI curve is near 60.24, an overbought zone, with a positive outlook indicating bullish sentiments in the cryptocurrency. The MACD indicator also continued to form green bars as a bullish crossover appeared, indicating a bullish move.
Summary
Conflux crypto is a cryptocurrency that runs on the Conflux Network, a high-performance blockchain platform that aims to achieve scalability, security, and decentralization. Conflux Crypto has shown strong performance in the past week, rising by nearly 29% and breaking above the $0.20 level. However, the price has also faced some resistance and correction, as the market sentiment remains uncertain and volatile.
Conflux Crypto has a loyal and active community that supports its vision and innovation, as well as a partnership with Microsoft, which has invested over $11 Billion in the project. Conflux Crypto has a bright future as it continues to develop its technology and ecosystem, and strives to become a leading player in the global payment industry.
Technical Levels
Support Levels: $0.17221946 and $0.16436151.
Resistance Levels: $0.22989912.
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 own research before making any financial decisions
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
