bullish

2024

Conflux

Coin

<p>The<strong> <a href="https://www.thecoinrepublic.com/category/crypto/" rel="noopener noreferrer nofollow">Conflux price</a></strong> has been up nearly 20% today and has sharply reverted from its 52-week low mark of $0.1100. Since the beginning of July, the token has witnessed a notable accumulation and has been uplifted by over 70%.</p>
<p>Fueled by the recent surge, the <strong>CFX token</strong> seemed primed for the next leg of bullishness and was eyeing a significant breakout at press time.&nbsp;</p>
<p>This month, the token has made a strong bottom, around $0.1100, and aided bulls accumulating from there. Afterward, a significant recovery of over 70% was noted, which trapped sellers.</p>
<p>The altcoin could continue to stretch its gains, but bulls need to cross the prompt 100-day EMA barrier to provoke the rally.</p>
<p>An eventual close above $0.2000 would permit the bulls to trigger the breakout, and further bullish swings can be anticipated.</p>
<h2 class="wp-block-heading" id="h-cfx-price-action-analysis"><strong>CFX Price Action Analysis</strong></h2>
<p>The daily chart of Conflux Network (<strong>CFX</strong>) signified a potential reversal. The token was poised to accelerate gains at the time of writing. It was eyeing to cross $0.2000 for a significant breakout ahead.</p>
<p>The CFX price action guided a<strong> bullish momentum</strong>. A long bullish marubozu candlestick accompanied by a sharp volume surge in the intraday sessions also conveyed that the buyers have gained traction. They would likely dominate ahead.</p>
<p>Once the 200-day EMA mark is crossed, a sharp upside toward the 61.8% Fib cluster near the $0.2480 mark can be anticipated soon.</p> <iframe title="Santiment Chart: Price (CFX), Volume (CFX)" width="800" height="425" src="https://embed.santiment.net/chart?ps=orca&amp;pt=ORCA&amp;df=2024-01-27T18%3A29%3A59.008Z&amp;dt=2024-07-27T18%3A29%3A59.008Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bconflux-network%3BCFX%5D%3B%5B1%3Bvolume_usd%3Bconflux-network%3BCFX%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>When writing, the Relative Strength Index (RSI) curve entered the overbought zone. It displayed a strong<strong> bullish stance</strong> and signified a potential upside ahead.</p>
<p>Similarly, the MACD indicator began to plot the green bars and directed a significant buying pressure.</p>
<p>The Conflux Network token was trading at $0.1837 with an intraday gain of 19.20%, signifying massive buying momentum.</p>
<p>Its trading volume rose over 120% to $40 Million, and the market cap rose to $198.55 Million. The token ranked at the 90th position in terms of market cap.</p>
<h2 class="wp-block-heading" id="h-funding-rates-remained-positive"><strong>Funding Rates Remained Positive</strong></h2>
<p>Since 7 July, the funding rate has stayed in a positive region, underlining the bullish sentiment.&nbsp;</p>
<figure class="wp-block-image size-large"><img fetchpriority="high" decoding="async" width="1024" height="232" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-151-1024x232.png" alt="" class="wp-image-628689" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-151-1024x232.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-151-300x68.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-151-768x174.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-151-150x34.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-151-696x157.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-151-1068x242.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-151.png 1401w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Funding Rate Data | Source: Coinglass
 </figcaption>
</figure>
<p>The funding rate was at 0.0082%, which signified a sustained buying activity.</p>
<h2 class="wp-block-heading" id="h-the-total-value-locked-tvl-looked-flat"><strong>The Total Value Locked (TVL) Looked Flat</strong></h2>
<p>Despite the recent price surge, the Total Value Locked (TVL) of the Conflux Network token stayed at nearly $15.33 Million. It noted a change of over 8.29% in the last 24 hours.</p>
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="283" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-150-1024x283.png" alt="TVL Chart | Source: DefiLlama" class="wp-image-628684" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-150-1024x283.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-150-300x83.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-150-768x212.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-150-1536x424.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-150-150x41.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-150-696x192.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-150-1068x295.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-150.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  TVL Chart | Source: DefiLlama
 </figcaption>
</figure>
<p>If the token gains significant momentum, it will pull its TVL along with the rise, and it may fuel the growth in the ecosystem.</p>
<h2 class="wp-block-heading" id="h-social-dominance-and-development-activity-data-outlook"><strong>Social Dominance and Development Activity Data Outlook</strong></h2>
<p>The social dominance data witnessed a significant movement on the social front and increased by over 4% in the last few hours, at 0.029%. This significant surge implied that investors started to chatter and discuss CFX.</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (CFX), Social Dominance (CFX)" width="800" height="425" src="https://embed.santiment.net/chart?ps=orca&amp;pt=ORCA&amp;df=2024-01-27T18%3A29%3A59.008Z&amp;dt=2024-07-27T18%3A29%3A59.008Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Bconflux-network%3BCFX%5D%3B%5B1%3Bsocial_dominance_total%3Bconflux-network%3BCFX%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>Despite the significant uptick, the development activity data was rolled below the midline. It signified a considerable drop in growth in the token’s ecosystem.</p>
<p>@Bestanalysts, in his tweet, said that the CFX token has escaped a descending triangle pattern and is set to outperform ahead.</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"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> LONG: <a href="https://twitter.com/hashtag/CFXUSDT?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CFXUSDT</a> | <a href="https://twitter.com/search?q=%24CFX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$CFX</a> | 2D<br><br>Traders should consider a bullish rally in CFX after a descending channel breakout and retesting.<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"> See more: <a href="https://t.co/wfDqnUIcnt" rel="noopener noreferrer nofollow">https://t.co/wfDqnUIcnt</a> <a href="https://t.co/JYI4kYu1cq" rel="noopener noreferrer nofollow">pic.twitter.com/JYI4kYu1cq</a></p>— Crypto | #1 Free Signals (@best_analysts) <a href="https://twitter.com/best_analysts/status/1817039185410412649?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 27, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-total-liquidations-chart"><strong>Total Liquidations Chart</strong></h2>
<p>A significant surge in the short liquidations led to a price spike of over 20% intraday. The long liquidations were $49k, whereas the short liquidations were $204k.</p>
<p>That upsurge in short liquidations conveyed that buyers had started outpacing the bear army and tried to grab their upper hand.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="270" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-149-1024x270.png" alt="Liquidations Chart | Source: Coinglass" class="wp-image-628679" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-149-1024x270.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-149-300x79.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-149-768x202.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-149-150x40.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-149-696x183.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-149-1068x281.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-149.png 1412w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Liquidations Chart | Source: Coinglass
 </figcaption>
</figure>
<p>The immediate support levels for the <strong>CFX token </strong>price at press time were $0.1750 and $0.1500. On the other hand, the key upside hurdle was around $0.2000, followed by $0.2200</p>
<p>The <strong>CFX token price </strong>climbed above the 20-day EMA mark, and the 50-day EMA gained momentum. However, the 200-day EMA cluster remained intact, and the token traded near the brink of a breakout zone.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/28/conflux-soars-over-20-intraday-eyeing-a-breakout/" rel="noopener noreferrer nofollow">Conflux Soars Over 20% Intraday, Eyeing A Breakout?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Conflux Soars Over 20% Intraday, Eyeing A Breakout?

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