Join our Telegram channel to stay up to date on breaking news coverage
Conflux (CFX) price recorded a 40% increase in the last five days, around 17% in the last 24 hours. The daily increase is due to a around 340% increase in trading volume as CFX consolidation runs out.
It looks like the consolidation is over and Cfx is finally preparing for a massive breakout in case of a successful breakout expecting a move towards $0.50 crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto #cfx #cfxusdt pic.twitter.com/kgRyEzsG7T
— World of Charts (@WorldOfCharts1) October 24, 2023
Conflux, which is among the daily gainers, is a hot topic on crypto X as investors anticipate a bullish wave. However, it remains to be seen whether the bullish trend will be sustainable.
Today is a green day. bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin #MINE #PEPE #HEX #INJ #CFX #PLS $btc $MINA $PEPE $HEXAGONAL $INJ $CFX $PLS pic.twitter.com/GoIr3TM5cM
— Ox 102 (@ox102ox) October 24, 2023
The rally comes amid a broader market rally, with altcoins benefiting from spillovers from the rise of bitcoin (btc). In this regard, the king of cryptocurrencies is hard at work amid speculation that a spot btc exchange-traded fund (ETF) could soon be launched on the market. This comes after BlackRock iShares bitcoin Trust listed underwritten on the Depository Trust and Clearing Corporation (DTCC), under the symbol IBTC.
iShares bitcoin Trust is listed on DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trading). And the ticker will be $IBTC. Again it’s all part of the process of bringing the ETF to the market. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
– Eric Balchunas (@EricBalchunas) October 23, 2023
Additionally, Grayscale Investment’s victory claim fuels the surge after a US court ordered the US Securities and Exchange Commission (SEC) to review the company’s application for its bitcoin conversion Trust (GBTC) to ETF.
4⃣ Rescue Appeals Court!
The recent Court of Appeals order basically asks the SEC to review its decision on #GrayscaleThe application once again. pic.twitter.com/qEeDfzg15b
– Keyur Rohit (@CryptoKingKeyur) October 24, 2023
Recently, the Conflux network revealed that its co-founder and CTO, Ming Wu, joined global business development leader Dora and met with His Highness Saud bin Saqr Al Qasimi, ruler of Ras Al Khaimah. This was part of efforts to support digital and virtual asset initiatives.
Last week, our co-founder and CTO, Ming @chispa_ren and global BD leader, Dora @realdora_ethhad an interesting dialogue with His Highness Saud bin Saqr Al Qasimi, ruler of Ras Al Khaimah.
We are excited to support digital and virtual asset initiatives in RAK and look forward to leveraging… pic.twitter.com/qwtpO5Xi6T
– Conflux Network Official (@Conflux_Network) October 23, 2023
Confluence Price Prediction as CFX Looks to Fill an Imbalance
After a 17% rise, Conflux price tests the fair value gap (FVG) extending from $0.1398 to $0.1541. An FVG is an order block that represents inefficiency in the market because many orders were injected here. As such, it creates an imbalance. To compensate for this inefficiency, Conflux price has to tag this zone to fill resting orders.
Based on the outlook on the daily chart below for the CFX/USDT trading pair, Conflux price has already tagged the first FVG, filling orders within it. As such, investors should not be surprised if the price begins to correct.
However, those looking to open new long positions should wait for CFX to break and close above the midline of this zone. This is called a consequent invasion (CE), and it is around the $0.1466 level.
In a highly bullish case, profits could extend to Conflux price to test the second FVG ranging between $0.1606 and $0.1703. Once again, to confirm a northward move, the CFX must surpass its CE by around $0.1650.
The Relative Strength Index (RSI) at 63 and pointing north supports the bullish outlook, indicating momentum continues to rise. Its position below 70 shows there is still more room to the north before CFX overbought talks begin.
The Awesome Oscillator (AO) is also bullish, and its histogram bars have now turned greedy. This points to the dominance of the bulls.
reverse case
However, a CEO rejection of the first FVG, reinforced by resistance due to the 100-day EMA at $0.1437, could cause Conflux price to pull back and reverse the 50-day EMA at 0-0.1244 dollars. to the resistance.
In the most severe case, Conflux price could fall below the $0.1134 support level, potentially approaching the range low of $0.1000.
In the meantime, you shouldn’t overlook BTCMTX, a new pre-sale token making headlines because it offers investors a low entry into the bitcoin market. Experts say it has 10x growth potential for investors, even as its pre-sale tokens quickly sell out.
Confluence alternative
BTCMTX is the token that powers the bitcoin Minetrix ecosystem, a new presale of staking cryptocurrencies to mine with the potential to generate high returns. Interested investors should head to the website and purchase BTCMTX at stage 3 rates of $0.0112 using the stablecoin ethereum (eth) or Tether (USDT).
#BitcoinMinetrix It is now in Stage 3! pic.twitter.com/Od4Syqx7EA
—Bitcoinminetrix (@bitcoinminetrix) October 23, 2023
The bitcoin Minetrix ecosystem presents an efficient cloud mining solution for the cryptocurrency community. Specifically, it takes down challenges related to expensive equipment and scams by cloud miners.
#BTCMTX presents an efficient cloud mining solution for crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto community.
Previous concerns about expensive equipment and cloud mining scams held many back.
This decentralized strategy guarantees a transparent and protected mining company. pic.twitter.com/FPZHxkB74j
—Bitcoinminetrix (@bitcoinminetrix) October 24, 2023
The project has decentralized and tokenized the entire process as part of its work mechanics. BTCMTX holders only need to stake their holdings to earn credits. These credits can later be redeemed for mining hash power. The novel staking-to-mine concept makes bitcoin mining accessible even to ordinary people.
Showing how #BitcoinMinetrix differs from typical cloud mining.
1⃣ Using ERC-20 #records eliminates the need for transactions.
2⃣ Users control their mining power through the credits obtained when betting.
3⃣ Smart contracts in ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum automate security and decentralized betting. pic.twitter.com/EyxaQQ6EIR
—Bitcoinminetrix (@bitcoinminetrix) October 22, 2023
Visit the bitcoin Minetrix website to purchase BTCMTX tokens at the current price here. It should be noted that the price will increase in the next three days.
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
Join our Telegram channel to stay up to date on breaking news coverage
