CFX chart

Conflux (CFX) has recently witnessed a significant surge in price, with gains of 24.91%, 41.09%, and 15.95% each day since bouncing off the 50-day EMA on March 12. However, the current price has retraced to $0.2809, a decrease of 6.43% so far today.

Amidst the ongoing crisis in the banking sector, Bitcoin, along with the broader cryptocurrency market has rebounded, with investors exploring alternative investment and wealth storage options.

This article will explore the most recent developments in the crypto market and analyze their impact on the Conflux price. It will also provide a technical analysis of the coin’s performance as well as a Conflux price prediction and an overview of where the price might be heading next.

One of the reasons behind Conflux’s price surge is the increasing demand for China-related blockchain and token technology. As the first blockchain in China that adheres to regulatory requirements, Conflux is positioned to benefit from a perceived easing of Chinese restrictions and regulatory approval.

Analysts attribute the legalization of cryptocurrency trading in Hong Kong as a significant factor contributing to Conflux’s rise in value. While it’s still uncertain whether the reports are true or merely speculation, traders and investors have witnessed a gain in the cryptocurrency’s price of more than 90% for the past 4 days as of writing.

U.S. Federal Reserve’s Cautious Approach

Another reason behind Conflux’s value surge is the belief that the U.S. Federal Reserve will not be as aggressive as anticipated in dealing with inflation. With most analysts predicting that the central bank will adopt a more cautious approach due to changing market conditions, investors have become more optimistic about cryptocurrencies including CFX.

According to recent data, the U.S. economy saw an addition of over 300,000 jobs in February, while wage inflation is showing a downward trend. Additionally, the release of CPI numbers on March 14 revealed that U.S. inflation has decreased to 6%, as compared to January’s inflation rate of 6.4%.

Conflux Technical Analysis: Navigating the Current Market Landscape

The recent price movement of Conflux has been notable, and for traders to make more informed decisions, understanding these indicators is essential. Key technical indicators include the Exponential Moving Averages (EMAs), Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and volume analysis, along with key support and resistance levels.

Exponential Moving Averages (EMAs)

Conflux’s 20-day EMA is currently at $0.2141, while the 50-day EMA is at $0.1650, and the 100-day EMA is at $0.1190. All three EMAs show a positive trend, with the 20-day EMA trading above the 50-day and 100-day EMA, indicating a bullish market sentiment. Conflux’s price is currently at $0.2809–above all significant EMAs. This suggests that the current uptrend may continue in the short to long-term.

Relative Strength Index (RSI)

The RSI for Conflux is 67.22, which is approaching the overbought territory. While this indicates strong buying pressure, it also suggests that the market may be due for a correction or consolidation phase in the near future.

Moving Average Convergence Divergence (MACD)

The MACD histogram for the previous day was 0.0015, while the current day’s MACD histogram is 0.0064. This shows a bullish signal as the MACD line has crossed above the signal line, indicating potential further upside for the Conflux market.

Volume Analysis

The current trading volume for Conflux is 909.555 million, down from the previous day’s volume of 1.206 billion. However, the volume moving average stands at 449.417 million, indicating that the overall trend in volume remains strong. The recent high volume during the upward price movement suggests a robust interest in Conflux.

Support and Resistance Levels

Immediate resistance for Conflux is the Fib 0.786 level at $0.2991 followed by $0.3669, which was the multi-month high registered on February 21. This level was retested earlier today when CFX posted an intra-day high of $0.3665. However, the price was immediately met with selling pressure, pushing it down to the current level of $0.2809.

A successful break above $0.3669 could lead to a test of the next potential resistance at the extended Fibonacci level of 1.272 at $0.4531. On the other hand, immediate support can be found at the Fib 0.618 level at $0.2458.

Currently, CFX’s price movement shows a bullish trend with strong support from positive EMAs, a robust RSI, and bullish MACD signals despite today’s price retracement as confirmed by the RSI which is trading near the overbought territory.

To identify potential entry and exit points, traders should monitor the key support and resistance levels mentioned. As always, it is crucial to employ proper risk management techniques and maintain a disciplined trading approach.

Wall Street Memes (WSM) - Newest Meme Coin

Our Rating

Wall Street Memes
  • Community of 1 Million Followers
  • Experienced NFT Project Founders
  • Listed On OKX
  • Staking Rewards
Wall Street Memes