Breaking down Conflux’s 41% rally: Can THIS lead CFX to $0.60?
The post Breaking down Conflux’s 41% rally: Can THIS lead CFX to $0.60? appeared on BitcoinEthereumNews.com. Key Takeaways Conflux price tested the weekly 200EMA at $0.1854 and closed above it. A flip of $0.25 zone would see the price hit $0.60 if CFX sustains this momentum. Conflux Network [CFX] jumped 41% in the past 24 hours, with volume soaring 325% to $628 million, according to CoinMarketCap. As per the reports, Conflux was heating up from its upcoming upgrade, which opens for yuan-pegged stablecoins. The Shanghai-backed firms were driving this development, with the network targeting about 15K in TPS. Source: CoinMarketCap For this reason, CFX is likely to gain more attention, particularly in the Asian market, which is gradually embracing the cryptocurrency space. So, where will the price move next? Conflux price targets $0.60 Looking at the price action of Conflux, the weekly chart was showing a lot of strength. The strength was an extension of the rise that has been in place for the last two weeks. Technical analysis showed that the CFX price had closed above the 200 MA at $0.16, confirming this shift. With CFX trading at $0.26, the altcoin was above a key resistance at $0.25 and this could see it reach $0.60. The chart showed no near-term resistance. Additionally, the Trend Strength Index was at 0.68, adding more confluence for the target to be hit. The metric changed its sentiment since the end of April when it was -0.82 but flipped to positive in July. Source: TradingView Alternatively, failure to stay above $0.25 where the price had gapped above, CFX could stay confined below this range. However, the overall trend of CFX price was bullish. Retail stacking up shorts As Conflux breaks higher levels, retail has taken notice of the altcoin’s recent moves. As per CryptoQuant, trading frequency hit the “Too Many Retail” bar at $0.15 price, with the bubbles increasing in…
The post Breaking down Conflux’s 41% rally: Can THIS lead CFX to $0.60? appeared on BitcoinEthereumNews.com.
Key Takeaways Conflux price tested the weekly 200EMA at $0.1854 and closed above it. A flip of $0.25 zone would see the price hit $0.60 if CFX sustains this momentum. Conflux Network [CFX] jumped 41% in the past 24 hours, with volume soaring 325% to $628 million, according to CoinMarketCap. As per the reports, Conflux was heating up from its upcoming upgrade, which opens for yuan-pegged stablecoins. The Shanghai-backed firms were driving this development, with the network targeting about 15K in TPS. Source: CoinMarketCap For this reason, CFX is likely to gain more attention, particularly in the Asian market, which is gradually embracing the cryptocurrency space. So, where will the price move next? Conflux price targets $0.60 Looking at the price action of Conflux, the weekly chart was showing a lot of strength. The strength was an extension of the rise that has been in place for the last two weeks. Technical analysis showed that the CFX price had closed above the 200 MA at $0.16, confirming this shift. With CFX trading at $0.26, the altcoin was above a key resistance at $0.25 and this could see it reach $0.60. The chart showed no near-term resistance. Additionally, the Trend Strength Index was at 0.68, adding more confluence for the target to be hit. The metric changed its sentiment since the end of April when it was -0.82 but flipped to positive in July. Source: TradingView Alternatively, failure to stay above $0.25 where the price had gapped above, CFX could stay confined below this range. However, the overall trend of CFX price was bullish. Retail stacking up shorts As Conflux breaks higher levels, retail has taken notice of the altcoin’s recent moves. As per CryptoQuant, trading frequency hit the “Too Many Retail” bar at $0.15 price, with the bubbles increasing in…
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