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Conflux (CFX) Price Prediction: How Likely Is a 30% Jump for CFX?

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Crypto prices dropped slightly on Friday as the market participants pondered over what to do with the latest decision by the Federal Open Markets Committee (FOMC) to pause rate hikes. Conflux (CFX) displayed strength, up 1% daily, even as significant cryptocurrencies flashed red. 

The big crypto Bitcoin (BTC) reacted to the Fed’s interest rate pause by slightly dropping below the $27,000 mark as Fed Chair Jerome Powell’s remarks failed to trigger significant volatility in the crypto market. 

Renowned crypto and stock investor Jelle summarized the general reaction to the FOMC’s decision in a post on X, saying, “The Fed’s announcement of a rate pause caught exactly no one by surprise.”

“Price is still in the same spot”, he added, “but at least now we don’t have FOMC hanging over our heads.“

Sharing a BTC/USD one-hour chart, Jelle said the price action would remain “rangebound until proven otherwise.”

Conflux Price Wants To Reclaim the $0.166 Level

The range-bound price movement is also true of other cryptocurrencies, including Conflux, trading within a significant price range between $0.1122 and $0.1384. 

Note that CFX had climbed above a significant descending trendline that has suppressed the price since April. Crypto traders named Kypro Night of X acknowledged this breakout on Sept. 19. 

Fellow trader Block_Diversity v.8 reiterated the importance of this breakout, remarking, “$CFX SL in profits now.” He posted the chart below on X showing that the underlying short-term roadmap for the Conflux price was bullish, suggesting a breakout higher from the current levels to areas around $0.163.

Covering the impetus for the post-Fed rise for CFX, the current setup suggested that the token was still consolidating within the said range with no directional bias. The flattening of the SMAs and the sideways movement of the Relative Strength Index (RSI) added credence to this technical outlook. 

The price strength at 49, close to the midline, implied that the selling and buying pressure was balancing. As such, the Conflux price could move in either direction.

CFX/USD Daily Chart

Conflux Price Chart - Sept 22
TradingView Chart: CFX/USD

For CFX to move in favor of the upside, it would be required to break out of consolidation by producing a daily candlestick close above the upper limit of the range at $0.138, embraced by the 50-day Simple Moving Average (SMA). 

Such a move would open the way for a rise toward the 100-day SMA at $0.166. This would represent a 30% uptick from the current price. This is where Conflux’s upside could be capped in the short term, given that the 100-day SMA has suppressed the price since early June.

For CFX to move in favor of the bears, it has to produce a daily candlestick close below the lower limit of the range at $0.112. This would mean a bearish breakout from consolidation, with the sellers moving to collect the demand side liquidity toward the $0.05 psychological level. 

Those seeking to place either their long or short positions on CFX have to wait for a decisive breakout from consolidation in the desired direction. While traders await this, they could look into other low-cap altcoins with the potential to make 100X returns in 2023. This includes new cryptocurrencies in presale, such as Wall Street Memes (WSM).

CFX Alternatives

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