Conflux (CFX) Token Price Prediction: What to Expect?

The Conflux (CFX) token price traded at the level of $0.13 at the time of writing. It has advanced by 4.2% over the last 24 hours

The price of the Conflux (CFX) token was $0.13 at the time of writing. It had risen by 4.2% in the last 24 hours, which could affect the token’s price prediction.

The volatility of the Conflux price was high, at 8.75%. Additionally, the supply inflation was also high, at 27.47%. This indicated a greater likelihood of unpredictable price spikes, followed by a decrease in the token price.

The market capitalization of the Conflux crypto, according to CoinMarketCap, was $603.591M, ranking it #93. The token also had a market cap dominance of 0.03% in the broader crypto market.

The number of Conflux holders had gradually increased over time. At press time, there were 22.1K holders. The top 10 holders of the token owned 71.85% of the total supply at press time.

The largest holder of the token also held 42.57% of the total supply, indicating a strong concentration among large holders.

What Do Derivatives Say About the Conflux Token?

The derivatives volume and open interest for the token had both increased in the last 24 hours from press time. The derivatives volume rose by 28%, reaching a traded value of $78.17M.

The open interest in CFX crypto had risen slightly by 2.7% in the last 24 hours from press time. This indicated a slight increase in the token’s derivatives open positions.

The long/short ratio for the token was 0.8262. At press time, higher longs worth $87.49K were liquidated in the token.

This was followed by a short liquidation of $59.96K, indicating the presence of more sellers in the token price.

CFX Token Technical Chart: A Closer Look

The CFX price had been trending down on the daily chart, with lower lows emerging over the last few months.

However, the momentum shifted as the token formed a bullish price pattern, marked by the emergence of strong, bullish candlesticks.

Despite forming bullish candlesticks in recent times, the token failed to sustain the higher levels and dropped back to the lower levels. Subsequently, the token price traded within a range for the last two months.

Therefore, it remained to be seen whether the CFX crypto price would break above the consolidation zone and sustain above it. This behavior could lead to a price increase and the continuation of an uptrend.

Do CFX Token Technical Indicators Display Volatility?

The 20, 50, and 200-day EMAs had been in a death cross for an extended period, with the price trading below these EMAs. This indicated a strong downtrend in the token price.

CFX/USD Chart by TradingView.com

The MACD and the signal line had crossed over and were trading in the negative zone, indicating a volatile to bearish trend in the token price.

The RSI was declining below the 50-level and the 14-day SMA, indicating weakness in the token’s price trend.

This article serves solely as informational and does not constitute financial, investment, or any other advice. The author or any individuals mentioned in this article bear no responsibility for any financial losses that may arise from investing in or trading. It is imperative to conduct thorough research before making any financial decisions.

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