CFXUSDT Spot Idea
Updated
Conflux (CFX) is a public layer-1 blockchain that is more scalable, decentralized, and secure than existing protocols and is designed to power decentralized applications (dApps), e-commerce, and Web 3.0 infrastructure.
Conflux makes it easier to transfer valuable assets by making the process quick, effective, free of network congestion, and with low transaction costs. The platform is based on the Tree-Graph consensus mechanism, and it combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms to achieve consensus. The protocol uses Turing-complete smart contracts written in Solidity, just like those on Ethereum, and is compatible with the EVM (Ethereum Virtual Machine).
Conflux is currently trading at the resistance area. If the price manages to cross $0.2441 and touches the 100 SMMA at $0.2475, then Conflux will resume its bullish short-term trend.
However, if Conflux fails to break out of the resistance area, the price may re-test the support level at $0.2270.
Please note that this is analysis only and not financial advice. The market determines price movements and cannot be predicted with precision. Traders and investors should adjust their risk levels accordingly.
Conflux makes it easier to transfer valuable assets by making the process quick, effective, free of network congestion, and with low transaction costs. The platform is based on the Tree-Graph consensus mechanism, and it combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms to achieve consensus. The protocol uses Turing-complete smart contracts written in Solidity, just like those on Ethereum, and is compatible with the EVM (Ethereum Virtual Machine).
Conflux is currently trading at the resistance area. If the price manages to cross $0.2441 and touches the 100 SMMA at $0.2475, then Conflux will resume its bullish short-term trend.
However, if Conflux fails to break out of the resistance area, the price may re-test the support level at $0.2270.
Please note that this is analysis only and not financial advice. The market determines price movements and cannot be predicted with precision. Traders and investors should adjust their risk levels accordingly.
Note
Well the Conflux price almost touched fibo level 0.786, should hold this level at least a week or two before going up again.Note
Apparently rekt. Fibo level 0.786 becomes resistance now. We will see what BTC gives us next week.Note
It was a tough week for new retail investors. In terms of Bitcoin, at least Bitcoin price will drop further to the $59572-$60011 level to close the gap on the 1h timeframe. Then Bitcoin will be bullish again. What about CFX? CFX managed to hold the support line ($0.2007 - $0.2070) and will be bullish again along with Bitcoin price movement.
This is the last update of my CFX idea. CFX will shoot up to the $0.28 level. Good luck!
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