According to a recent post on Twitter by CoinGeko, Conflux’s (CFX) price has recorded a surge of 123.2% in the last 24 hours. This comes after the CFX has been trading in an upward trend for the last 7 days.
According to the report, this sudden surge in the Conflux price has been brought about by the integration of “Little Red Book Xiaohongshu,” which is a popular Chinese social media platform with 200 million active monthly users.
Currently, the price of CFX is trading at $0.07408, which is an increase of 130.32 percent in the last 24 hours. This indicates that the bulls in the CFX have dominated the market. The current bullish dominance can also be indicated by the increase in the CFX market cap, which has increased by 131.67% while the trading volume of Conflux has increased by 3116.12% to $339,916,684.
Although the price of CFX has recorded a price increase, it is still down by 95.2% from its all-time highs (ATH) of $1.70, which it recorded on March 27, 2021. In the last week, CFX has recorded $0.08156 as its weekly highs and $0.02587 as its weekly lows. This indicates that the CFX market has more buyers than sellers.
Despite the recent price spike, CFX market may see a price reversal shortly, as indicated by the long-term Moving Average (MA). The 100-day MA is going above the 50-day MA, indicating that a bearish attitude may soon be felt in the market in the next few hours.
The Relative Strength Index (RSI) line is reading 95.14, which indicates that the market is overbought, implying that a price reversal is imminent. As a result, investors and traders should exercise caution before investing in the CFX market.
In conclusion, the price analysis of Conflux market shows a bullish sentiment, although a price reversal might be experienced in the coming hours as indicated by the technical indicators.
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