For those who are not aware about CFX Crypto, it is a public layer-1 blockchain crypto and right now it is on the verge of a breakout. It can deliver very good returns in the short-term.
In this article, we will discuss the current price analysis along with the weekly analysis and future outlook.
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CFX Crypto Price Analysis
The current price of CFX is $0.218 with a market cap of $801 million anad 24h trading volume of $150mn. The circulating supply stands at 3.6 billion tokens out of a total supply of 4.6 billion tokens.
Let’s have a look at the chart for trend analysis:
The price has broken the rectangle channel horizontal resistance zone. A successful retest would serve as a bullish confirmation.
Weekly Price Analysis
The crypto has been on an impressive run as the price has risen by 40% , while the total market cap of all other cryptocurrencies rose by 16%.
The crypto is trading above its 20-day, 50-day, and 200-day moving averages, indicating a strong bullish momentum. The relative strength index (RSI) stands at 77, which suggests that CFX is overbought and may face some correction in the short term.
Future Outlook
CFX has a lot of potential to grow further in the future, as it continues to innovate and expand its ecosystem. Some of the upcoming developments and events that may impact CFX price are:
- The launch of the EVM-compatible Bitcoin L2 solution, which will allow Conflux to interact with Bitcoin and offer faster and cheaper transactions.
- The integration of more decentralized applications and protocols on Conflux, such as decentralized exchanges, lending platforms, NFT marketplaces, and gaming platforms.
- The adoption of CFX by more users and investors, especially in China, where Conflux is the only regulatory-compliant, public, and permissionless blockchain.
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