In new technical analysis, the Conflux network is a highly scalable network for decentralized app development with a throughput rate of 3000 – 6000 TPS and low transaction fees. It is an open-source protocol for building electronic assets, business apps, fintech apps, and data economies. It is a highly secure network with anti-reentrance attack protection. CFX is the native token of this network.
On April 2, 2021, the opening price of CFX was $1.02. As of April 8, 2021, CFX closed at $1.27. Thus, in the past week, the CFX price soared by approximately 25%. In the last 24 hours, CFX has traded between $1.24-$1.37.
Day-Ahead and Tomorrow
Currently, CFX is trading at $1.31. The price has increased from the opening price of $1.27. Thus, the market looks positive.
The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. This implies that some price corrections are happening in the CFX market. The price may go up intermittently amidst an overall bearish trend.
The OBV indicator is rising. Thus, buying volumes are higher than selling volumes. Hence, we can expect the price to start rising in some time.
The RSI indicator is currently at 33%. It faced rejection at 32% and start rising. It is a good time for day-traders to go long. However, selling pressures are still on the higher side. Hence, we can expect a price pullback.
CFX Technical Analysis
As per technical analysis, currently, CFX is trading above the Fibonacci pivot point of $1.29. The price is presently falling and hence we can expect it to fall below the first support level of $1.24 in some time.
We can be assured that the price uptrend will continue tomorrow if, by the day end, the price successfully breaks out of the 23.6% FIB retracement level of $1.34. However, if it fails to do so, then probably a bearish trend has set in and we can expect a price downswing tomorrow.