Conflux (CFX) Price Prediction 2023 — Will CFX Hit $1.5 Soon?
- Bullish CFX price prediction for 2023 is $0.4761 to $1.3569.
- Conflux (CFX) price might reach $1.5 soon.
- Bearish CFX price prediction for 2023 is $0.0498.
In this Conflux (CFX) price prediction 2023, we will analyze the price patterns of CFX by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Conflux (CFX) Current Market Status
| Current Price | $0.1881 |
| 24 – Hour Trading Volume | $60,683,352 |
| 24 – Hour Price Change | 3.69% up |
| Circulating Supply | 2,886,692,456.27 |
| All – Time High | $1.70 (On March 27, 2021) |
What is Conflux (CFX)?
CFX is the native cryptocurrency of Conflux. Conflux is a permissionless Layer 1 blockchain that employs a decentralized economic-driven governance system. Conflux rewards creators and marketplaces for linking globally and assuring security and scalability. CFX can be utilized for transaction fees, staking rewards, mining rewards, and network governance.
Conflux (CFX) Price Prediction 2023
Conflux (CFX) ranks 65th on CoinMarketCap in terms of its market capitalization. The overview of the Conflux price prediction for 2023 is explained below with a daily time frame.
In the above chart, Conflux (CFX) laid out a descending channel pattern, also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is characteristic of a bearish market.
At the time of analysis, the price of Conflux (CFX) was recorded at $0.183. If the pattern trend continues, then the price of CFX might reach the resistance levels of $0.2358 and $0.2911. If the trend reverses, then the price of CFX may fall to the support of $0.1694.
Conflux (CFX) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Conflux (CFX) in 2023.
From the above chart, we can analyze and identify the following as the resistance and support levels of Conflux (CFX) for 2023.
| Resistance Level 1 | $0.4761 |
| Resistance Level 2 | $1.3569 |
| Support Level 1 | $0.1291 |
| Support Level 2 | $0.0498 |
As per the above analysis, if Conflux’s (CFX) bulls take the lead, then it might hit and break through its resistance level of $1.3479.
Conversely, if Conflux’s (CFX) bears dominate the trend, the price of CFX might plunge to $0.0498.
Conflux (CFX) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Conflux (CFX) are shown in the chart below.
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. The resulting ratio is known as the “relative volume,” which can help traders identify unusual trading activity and changes in market sentiment.
High relative volume readings suggest that there is increased interest in the asset, which may indicate a potential trend reversal or breakout. Conversely, low relative volume readings may indicate a lack of interest or a consolidation period.
At the time of analysis, the RVOL of Conflux (CFX) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above its 50MA, it is considered to be in an uptrend (bullish), if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the CFX price lies below 50 MA (short-term), indicating its downward trend. Hence, it can be concluded that CFX is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). This analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value is expressed as a number between 0 and 100, with readings above 70 indicating an overbought state and readings below 30 indicating an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the direction of a trend. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI reaches an oversold reading of 30, it may suggest that the asset could potentially reverse direction.
At the time of analysis, the RSI of CFX is at 25.64. Therefore, this indicates CFX is in a nearly oversold state. Also, this confirms that CFX sends out a sell signal.
Conflux (CFX) Price Prediction 2023 — ADX, RVI
In the below chart, we analyze the strength and volatility of Conflux (CFX) using the following technical analysis indicators – Average Directional Index (ADX) and Relative Volatility Index (RVI).
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of CFX lies in the range of 28.40 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of CFX lies below 50, indicating low volatility.
Comparison of CFX with BTC, ETH
Let us now compare the price movements of Conflux (CFX) with that of Bitcoin (BTC), and Ethereum (ETH).
From the above chart, we can interpret that the price action of CFX is similar to BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of CFX also increases or decreases respectively.
Conflux (CFX) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, Let us predict the price of Conflux (CFX) between 2024 and 2030.
Conflux (CFX) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Conflux (CFX) might successfully test and surpass its resistance levels to hit $3 by 2024.
Conflux (CFX) Price Prediction 2025
The significant upgrades in the Conflux ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Conflux (CFX) price to reach $5 by 2025.
Conflux (CFX) Price Prediction 2026
If Conflux (CFX) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $7.5.
Conflux (CFX) Price Prediction 2027
Conflux (CFX) might sustain major resistance levels and continue to be recognized as a good investment option. If it stands so in the market, CFX would rally to hit $9.
Conflux (CFX) Price Prediction 2028
If Conflux (CFX) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, CFX would hit $11 by 2028.
Conflux (CFX) Price Prediction 2029
If investors flock in and continue to place their bets on Conflux (CFX) , then the crypto would witness major spikes. Hence, CFX might hit $13 by 2029.
Conflux (CFX) Price Prediction 2030
By 2030, the CFX price might rally to $16 if the trend momentum aligns in favor of Conflux. Furthermore, CFX would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
If Conflux (CFX) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Conflux (CFX) price prediction for 2023 is $1.3569. Comparatively, the bearish Conflux (CFX) price prediction for 2023 is $0.0498.
If there is a positive elevation in the market momentum and investors’ sentiment, then Conflux (CFX) might hit $1.5. Furthermore, with future upgrades and advancements in the Conflux ecosystem, CFX might surpass its current all-time high (ATH) of $1.7038 and mark its new ATH.
FAQ
1. What is Conflux (CFX)?
CFX is the native cryptocurrency of Conflux. Conflux is a permissionless Layer 1 blockchain that employs a decentralized economic-driven governance system.
2. Where can you buy a Conflux (CFX)?
Traders can trade Conflux (CFX) on the following cryptocurrency exchanges such as Binance, OKX, BingX, CoinW, and Bitrue.
3. Will Conflux (CFX) record a new ATH soon?
With the ongoing developments and upgrades within the Conflux platform, Conflux (CFX) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Conflux (CFX)?
Conflux (CFX) hit its current all-time high (ATH) of $1.70 on March 27, 2021.
5. What is the lowest price of Conflux (CFX)?
According to CoinMarketCap, CFX hit its all-time low (ATL) of $0.02191 on Jan 01, 2023.
6. Will Conflux (CFX) hit $1.5?
If Conflux (CFX) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $1.5 soon.
7. What will be the Conflux (CFX) price by 2024?
Conflux (CFX) price might reach $3 by 2024.
8. What will be the Conflux (CFX) price by 2025?
Conflux (CFX) price might reach $5 by 2025.
9. What will be the Conflux (CFX) price by 2026?
Conflux (CFX) price might reach $7.5 by 2026.
10. What will be the Conflux (CFX) price by 2027?
Conflux (CFX) price might reach $9 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/conflux-cfx-price-prediction/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
