Conflux Prediction: CFX Positions Itself for 50% Rally, Navigates Through Scalability Hurdles

Updated: 05 September 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Conflux (CFX) is bullish today after posting a 3% price gain in the last 24 hours.

CFX was trading at $0.125 when writing, with volatility cooling down significantly. The price swings have not been significant, as CFX has traded between $0.120 and $0.128.

Despite low volatility, trading volumes are high after increasing by 146% in the last 24 hours. The price of CFX will increase if these trading volumes are attributed to buying pressure.

CFX Readies For 50% Rally

The massive increase in trading volumes indicates that CFX might be ready to rally higher. The price is already reacting, gaining from $0.120 to $0.128 in recent hours.

CFX has been trading on a bearish note since the beginning of the month. However, if bulls take control, CFX might soon surpass the August 31 level of $0.130.

CFX is trading below the 50-day and the 100-day Simple Moving Averages (SMAs), indicating a bearish trend.

The Relative Strength Index at 38 indicates that CFX is not oversold. The RSI line is also moving on a straight line, showing indecisiveness between buyers and sellers.

The Moving Average Convergence Divergence (MACD) line in the negative zone can also confirm the bearish momentum. However, the MACD histogram bars are positive, indicating bullish gains.

Bulls will control the market if CFX breaks past key resistance levels at $0.15 and $0.18.

Will CFX Make An Independent Rally?

The broader market will not support CFX’s uptrend, as most cryptocurrencies are consolidating today. An independent rally depends on developments within the Conflux Network ecosystem.

The project has an upcoming hard fork that will go live on September 9. The upgrade will bring critical upgrades to the Conflux Network, including new metrics, performance optimization, and EVM code refactoring.

📣 Conflux v2.3.0 Hardfork Upgrade Announcement

🔹 CIP-112, CIP-107, CIP-118, CIP-119 & CIP-113 bring significant protocol and functional enhancements.

🔹 Key improvements include performance optimization, new metrics, and EVM code refactoring.

Important Dates:

🗓(est. Sep…

— Conflux Network Official (@Conflux_Network) August 8, 2023

Conflux is also working with Coinstore to co-host its Brand Launch Conference. The development coincides with the recent gains posted by CFX.

We’re are proud to co-host @CoinstoreExc Brand Launch Conference! https://t.co/8XChhOjvHu

— Conflux Network Official (@Conflux_Network) September 5, 2023

Investors Rush To Buy SONIK With Hours Left Before Presale Closes

The SONIK presale has hours left before closing. The presale has already raised $1.58 million in just a few weeks since the event started.

5 hours and counting! 🕔 Tick-tock, don't let the $SONIK rocket leave without ya! 🚀

👉 https://t.co/s1fTdXDQCK pic.twitter.com/xrBQgF26Cg

— SONIK COIN (@Sonikcoin) September 5, 2023

1 SONIK is trading at $0.000014, with investors rushing to buy at the low prices before an exchange listing pumps prices higher.

Sonik Coin is a project inspired by the Sonik The Hedgehog, but the two are not affiliated. The project seeks to become the fastest meme coin to attain a $100 million market cap.

Once the presale closes, the team will focus on the community’s growth and increasing the market cap. Given the attention the presale received, it is likely that SONIK could emerge as one of the most popular meme coins in the market.

SONIK’s stake-to-earn system is already garnering interest, with more than 46 billion SONIK tokens staked so far. 40% of the token supply will be distributed to stakers over four years, with rewards calculated depending on APY and the percentage of the staking pool.

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