bullish

Token

Bitcoin

Conflux

Coin

<p>Conflux (CFX) network is a China-based blockchain organization. Conflux network (CFX) price has seen a notable retracement and regressed to its bottom around the $0.1200 mark.</p> 
<p>Trading at a discount of 81% from its 52-week high, the <a href="https://www.thecoinrepublic.com/price-prediction/conflux/">CFX </a>token price continued to represent the selling pressure. Amid the market bloodbath in the past, the token has undergone a significant decline.</p> 
<p>Going forward, the token has projected a rejection from the 50-day EMA mark and has previously breached multiple supports. Amidst the bearishness across the market, CFX teased a bullish reversal at press time and eyed a pullback.</p> 
<p>With a strong bullish marubozu candle formation yesterday, buyers began accumulating. They tried to attain follow-on gains in the intraday session.&nbsp;</p> 
<p>Concluding the sideways movement followed by a pump this week, buyers anticipated a steady bounce ahead.</p> 
<h2 class="wp-block-heading" id="h-how-is-the-conflux-cfx-token-price-doing"><strong>How is the Conflux (CFX) Token Price Doing?</strong></h2> 
<p>When writing, the CFX token price traded at $0.1391, up over 1.20%. It signified a minor pullback. A lower investor optimism was noted, with a decline of over 24% in the intraday trading volume.</p> 
<p>Per the CoinMarketCap data, the token ranked at 94 with a market cap of $149.73 Million and a total supply value of 1.07 Billion.</p> 
<h2 class="wp-block-heading" id="h-conflux-network-price-eyeing-reversal-can-bulls-attain-traction"><strong>Conflux Network Price Eyeing Reversal: Can Bulls Attain Traction?</strong></h2> 
<p>Taking a rejection from the $0.1800 resistance level, the CFX price failed to hold at any crucial levels this week. It dropped to the low of the $0.1000 mark, resulting in a double bottom formation.</p> 
<p>Furthermore, a streak of bearish candles formed earlier, guiding the seller’s dominance. However, the token still struggled to cross the 20-day EMA mark.</p> 
<p>If a new lower low forms below the $0.1000 mark, a next bearish leg can be seen ahead.</p>    
<p><a href="https://www.tradingview.com/chart/CFXUSDT/wCToJDZc-CFX-Price/"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/"></a><a href="https://www.tradingview.com/"></a></p>  
<p>The daily RSI line showed a spike and reverted from the oversold region, reflecting a positive crossover. However, the MACD indicator was still directing the bearish outlook.</p> 
<p>In his tweet, Decilizer (@decilizer) mentioned that CFX looks attractive and plotted strong support around the $0.12 mark.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24CFX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$CFX</a> is looking strong and attracting significant attention today. Having confirmed its support around $0.12, it is now all set to reach our next target of $0.31, expecting Bitcoin to maintain its upward trend. <br>We've seen 370% gains on it in the past. <a href="https://t.co/yFM0zkxNQP">pic.twitter.com/yFM0zkxNQP</a></p>— Decilizer (@decilizer) <a href="https://twitter.com/decilizer/status/1822144752394932492?ref_src=twsrc%5Etfw">August 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>As Bitcoin and other top crypto assets started to revive gains, Conflux Bulls urged to retain the bullish momentum. They tried to cross the 20-day EMA mark.&nbsp;</p> 
<p>Despite the downtick, a few technicals have guided that the token price has bottomed out. It might see a recovery soon.</p> 
<h2 class="wp-block-heading" id="h-total-value-locked-tvl-noted-a-downtick"><strong>Total Value Locked (TVL) Noted a Downtick</strong></h2> 
<p>Amidst the price drop, the Conflux token’s TVL saw a downward shift and dropped to $12.7 Million. That indicated a reduced amount of assets being staked and lower investor confidence in the CFX token.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="280" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-101-1024x280.png" alt="TVL Data | Source: DefiLlama" class="wp-image-658727" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-101-1024x280.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-101-300x82.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-101-768x210.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-101-1536x420.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-101-150x41.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-101-696x190.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-101-1068x292.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-101.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  TVL Data | Source: DefiLlama
 </figcaption>
</figure> 
<p>Notably, the future Open Interest (OI) saw a rise of over 1.77% to $34.25 Million. It signified a slightly long additional activity in the past 24 hours.</p> 
<p>If the CFX token successfully secures the $0.12 mark, it may exceed the recovery. Furthermore, it could retest the resistance mark of $0.16 and then the $0.18 mark in the next few sessions.</p> 
<p>Meanwhile, if it faces rejection from the 20-day EMA mark, it may retest the demand zone of $0.12. Also, it can go to the low mark of $0.10 in the short term.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/11/conflux-network-cfx-price-made-double-bottom-recovery-imminent/">Conflux Network (CFX) Price Made Double Bottom: Recovery Imminent?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Conflux Network (CFX) Price Made Double Bottom: Recovery Imminent?

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