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Conflux Network : CFX Coin Price is in a Consolidation Zone

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Conflux Network : CFX Coin Price is in a Consolidation Zone
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Conflux is a blockchain platform that has developed a unique consensus protocol to address the scalability challenge, a long-standing obstacle in the blockchain industry. The Tree-Graph consensus mechanism is the platform’s secret weapon, ensuring that transactions are processed quickly without compromising security or decentralization. 

What Makes Conflux Popular?

This combination of fast transaction processing, high security, and low cost has made Conflux a popular choice among developers and a significant player in cryptocurrency trading, particularly for beginners who want to enter the blockchain world seamlessly.

Conflux addresses the scalability issue and provides a user-friendly environment for developers. The platform is Ethereum-compatible, meaning DApps can be easily transferred to Conflux without hassle. This interoperability reduces the barriers to entry for developers and DApp users, promoting innovation without the constraints of platform limitations.

Investors like Fundamental Labs and IMO Ventures are interested in this impressive technology stack. Conflux has raised over $68 Million, which will be used to expand its ecosystem and attract more developers to its platform.

Technical Analysis & Prediction of CFX Coin Price 

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CFX/USD chart by TradingView (daily time frame)

CFX coin price has been showing impressive performance among altcoins in 2023, as its price rose from $0.02 in January to a yearly high of $0.48 in March this year. The technical analysts predict that Conflux may reach a cost of $2 or more by 2024, resulting in a fully diluted market cap of over $10.6 Billion. 

Looking at the Conflux price analysis, the price has been consolidating near the recent support and 50-day EMA which is currently at $0.1710. The trend is in equilibrium, with both bulls and bears fighting for control. The current resistance levels for the CFX coin price are at $0.222 and 0.3273. Meanwhile the support level is at $0.1485 for the immediate cushion.

However, the long-term trend is more favorable towards the bulls, as the price is above the critical 50-day and 200-day EMAs. The daily chart shows that the price has moved away from the bearish trend and has experienced significant buying activity since the end of this October. This recent price surge has shifted the long-term direction towards optimism.

At present, the CFX coin price is rising after retesting the recent support level. If there is a breakout to the upper side, it may start a short-term rally. This will push the price higher to test the upper supply levels.

Conclusion

Conflux is a blockchain platform that tackles scalability and provides a user-friendly environment for developers. The current price is consolidating near recent support at $0.1710. 

Technical Levels

  • Support Levels: $0.1485 and $0.1019
  • Resistance Levels: $0.222 and 0.3273
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

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