Conflux Coin Price Rises 500% in a Week; Will It Go Higher Next?
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Brian Bollinger Conflux coin prices have been rising for six consecutive day and have registered a 500% increase. This perpendicular rally has broken through multiple resistance and pushed the altcoin prices to $0.311. However, such a massive bull run in a short pan could be unhealthy and will be poised for a correction phase soon.advertisementKey Points: The overbought Conflux coin price is poised for a significant correction
During a correction, a rising EMA could support coin prices.
Conflux coin’s intraday trading volume is $852.5 Million. This indicates a gain of 201.2%.
Conflux Coin is soaring because of its partnership with China Telecom, which aims to bring Web3 technology onto mobile devices using blockchain SIM cards. The blockchain SIM card will allow users secure storage of their private keys and digital assets on mobile devices. This will give them complete control over their assets, and protect them from theft and fraud. China Telecom, China’s largest telecommunications company, will provide the mobile network infrastructure. Conflux Network, a public Blockchain project, will provide blockchain technology and platform for SIM cards. The blockchain SIM card will allow users to access decentralized apps (dApps), on the Conflux Network as well as other dApps built on other blockchain networks. Read also: Top Crypto Discord Servers/Groups Worth Adding In 2023Price AnalysisSource – Tradingview Trending StoriesThe Conflux Coin price shows an upright growth over the daily time frame chart. This bullish rally, backed by high volume, indicates a sustained recovery. It also indicates high buyer confidence. The coin price has reached a long-awaited monthly resistance zone at $0.297. If daily candles close above $0.297, buyers will have a strong footing to continue their climb. The coin price has seen an explosive rally over the past seven days. Therefore, any further growth without external news is less likely. However, the daily candles may close above $0.297 to allow for a minor correction that will stabilize the aggressive buying. The potential pullback could revisit the recently broken resistance in the hope of significant support that could replenish bullish momentum. AdvertisementEMAs: A coin’s price movement typically closes below its moving average. The sudden price rise of CFX left behind the critical EMAs (20, 50, 100 and 200), which indicates that this crypto coin will require a minor correction to achieve stability. Spot rate: $0.3.
Trend Extremely Bullish
Volatility is high
Resistance level: $0.392 and $0.5
Support level: $0.297 and $0.255
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