Sam Cooling
All eyes are on Conflux (CFX) as the biggest rally of 2023 sits perilously on the edge of structural breakdown following a week of bleed-out.
Conflux has enjoyed a jaw-dropping start to the year after Chinese tokens exploded after news broke that Beijing had endorsed Hong Kong’s ambition to become a global crypto hub.
This came amid the beginning of the People’s Bank of China’s quantitative easing program – which saw markets absorb $93bn in liquidity last Friday – sending Bitcoin to touch heights of $25,000.
Now trading at $0.27 (a 24hr change of -10.22%) – CFX has undertaken a challenging week of retracement price action.
Source.
Rejection at $0.36 halted the skyrocket rally – sending price action tumbling.
So far this week CFX has bled out -26% as consolidation has struggled to find a foothold.
Attempts at consolidation above $0.30 failed forcing retracement to push lower.
Bulls are now working to consolidate above $0.25 – with the $0.30 price level flipping to become a ceiling of resistance.
Worse still – price action has now sunk below the 20 Day MA – which has begun to act as a lower ceiling of additional resistance at $0.28.
Could Conflux (CFX) Bounce Back?
Indicators illuminate little as traders take stock of newfound gains.
The RSI is sat clean and even at 50 – undecided with neither bullish nor bearish divergence.
What the RSI does reveal is a gentle cooling down over the course of this week’s consolidation – indicating conditions are moving from overbought to oversold.
The MACD has now dropped to -0.0076, bearish divergence reflecting the suppression of price action below the 20 Day MA.
Upside potential remains targeting a break above the local high at $0.36 – a clean break would likely hit $0.40 (+47.8%).
Downside risk remains close-by at $0.20 (-26%). However, traders should be cautious as a break to this level would destroy the technical structure of the rally – smashing the supportive lower trendline that has held up this entire movement.
Overall, the CFX Risk: Reward ratio is at 1.83 – a good entry – but vulnerable to a structural breakdown.
Source.
What Altcoins could provide better returns than Conflux (CFX)?
With Conflux sat in such a perilous position, a top a mountainous 1,500% gain – many Asian traders are cashing in and taking profit.
Seeking to solidify their newfound gains and shift profits into different altcoins with better upside potential from here.
Here at Business 2 Community our team of analysts have identified the following three altcoins as popular choices amongst Asian investors this week.
Fight Out (FGHT)
Move-2-Earn made waves last year with projects such as STEPN setting out to monetize simple activities such as walking. But interest collapsed as STEPN’s unsustainable economics became apparent.
Fight Out plans to change that and reignite interest in the Move-2-Earn space. To tackle this challenge, Fight Out is shaking up the world of the possible by delivering a complete monitoring system that can record any exercise from your time in the weight room to your hours down the Dojo.
With more than $4.5 million raised in a presale launched toward the end of Q4 2022. Fight Out hopes to remove the barriers to entry that come in the form of Web3 knowledge and expensive starter NFTs associated with platforms like STEPN.
$4.6M RAISED!
Another milestone achieved ✅
Remember, the price of $FGHT will increase every 12 hours, so secure your spot NOW!
Join the presale and claim up to a 67% bonus https://t.co/haIxEVqMBr#Presale #CryptoCurrency #PlayToEarn pic.twitter.com/wHxe55AGDh
— Fight Out (@FightOut_) February 23, 2023
The main approach is to open the web3 industry so that everyone can benefit while living a healthy lifestyle.
The Fight Out app acts as a fitness-hub platform that enables the user to track, plan, and fine-tune their routines, sleep, and diet – within the bounds of a monetized in-app economy.
This will see users who join this new ecosystem accessing live coaching, training classes, PVP stat battles and a chain of physical gyms spread around the world.
The Fight Out team recently announced the launch of a lucrative referral promo link program. This gives users the ability to receive a 5% commission for signing up their friends!
All users need to do is go to the Fight Out homepage, connect a valid crypto wallet, and then click on the 5% referral link button.
At this point, a unique referral link will be generated to earn you commission! Share the link with friends and family or post it to your social media.
This means every time someone buys the $FGHT token – you receive 5% of the purchase amount!
Fight Out rewards all types of exercise – and really pays with the native $FGHT token empowering an entire marketplace of physical and digital rewards. With presale token prices increasing every 12 hours – don’t miss out on the future of M2E!
C+Charge (CCHG)
C+Charge ($CCHG) is a new cryptocurrency that’s shaking up the carbon credit industry.
This innovative start-up aims to take advantage of projected $2.4 trillion growth in the industry by 2027. And you don’t have to look far to see its relevance.
Up and down the roads, we’re seeing EV charging stations popping up for fleets of gleaming Teslas. And C+Charge is proposing a chance for everyday people to claim a slice of the pie.
The company offers a Peer-2-Peer (P2P) payment system for Electric Vehicle (EV) charging using blockchain technology.
With this system, EV drivers can earn carbon credits and profit from the industry’s growth.
Currently, only big EV manufacturers like Tesla are taking advantage of carbon credits. Why should these profits centralize in the hands of a few?
C+Charge aims to level the playing field and put these rewards in the hands of EV owners.
The pre-sale of the CCHG token is already underway, giving early investors a chance to get in on the ground floor of this eco-friendly project. There is also a $50k giveaway for early bird investors.
Join the C+Charge revolution today and be a part of a project that’s making a difference for the environment.
Don’t miss this opportunity to support a promising project that has the potential for big returns.
Join the $50K giveaway and become the champion
Follow the link below and complete all tasks ⬇️https://t.co/bfJcMxz1Og#gleam #Gleamgiveaway #cryptogiveaway #crypto pic.twitter.com/XsicolHmsZ
— C+Charge (@C_Charge_Token) February 23, 2023
Tamadoge (TAMA)
Tamadoge’s Web3 gaming platform offers arcade-style games with a play-to-earn reward system. The TAMA cryptocurrency, available on several exchanges, serves as both a collectible and a tool to upgrade stats. Upcoming games and developments are expected to drive the TAMA token price, following the successful $19 million presale in 2022.
Tamadoge this week appointed Ozan Daldal as its new Head of Gaming. This is the first major hire by CEO Jon Bishop and comes ahead of the launch of the latest arcade game, To The Moon.
Ozan’s mandate is to develop Tamadoge into the leading Web3 gaming platform by leveraging his industry expertise and knowledge of both Web3 and gaming. Ozan has previously held senior positions in crypto and gaming, including owning the strategy for Infinite Arcade, and has released over 30 Web3 games and 15 mobile games with over 100 million downloads.
Tamadoge Arcade’s third game, To The Moon, is set to launch imminently. The previous games, Rocket Doge and Super Doge, were well-received by the community and recorded substantial playing time, with the latter game garnering over 80 hours of gameplay in the first 24 hours.
Let's meet some of our #TamadogeNFTs tribe
You have just met the love of your life without being on #LoveIsland or @Tinder
Visit our #Tamapetshop now and bring your favourite Doge home ❣️⬇️https://t.co/loHQ4OPMUd pic.twitter.com/G8PLmidbRR
— TAMADOGE (@Tamadogecoin) February 24, 2023
The game features both free-to-play and play-to-earn options and requires players to hold a Tamadoge NFT to access the latter. The play-to-earn option allows players to use TAMA to buy game credits and compete in games like Rocket Doge to move up the leader board and win rewards.
Two more games are scheduled for launch in the coming weeks.
The huge roadmap of more games on the platform, combined with the high interest in memecoins, and the fact that the project has a memecoin that has actual utility, make TAMA one of the best altcoins to buy today.
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This article was written for Business 2 Community by Sam Cooling.
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