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Conflux (CFX) has continued a bearish momentum as the monthly losses now hit 33%.
In the last 24 hours, CFX has dropped by 1.1%, with the bulls having difficulty reversing the trend past the $0.13 level.
CFX has posted low volatility, with the price swinging in the $0.121 and $0.126 range.
The trading volumes posted in the last 24 hours have also dropped by 38% to around $17 million.
Conflux has a market capitalization of $255 million, ranking it the 123rd largest cryptocurrency by this metric.
Conflux Challenges $0.13
In the last 24 hours, CFX has attempted to rally to $0.13. The token rallied from the 24-hour low of $0.121 to $0.126, but it was rejected at this level.
Going by the recent trend, $0.121 appears to be a crucial support level for CFX.
Failure to hold this support could see CFX drop to the monthly low of $0.118 created on August 26.
During the first two weeks of August, CFX held levels above $0.17, and volatility remained mildly low. However, the crypto market crash on August 17 triggered massive dips for CFX.
CFX’s price crashed from $0.192 on August 15 to $0.12 on August 18. The downtrend saw the market capitalization also plunge from around $404 million to $266 million.
CFX Oversold, Bears Seem Relentless
CFX has a Relative Strength Index of 30, pointing towards the likelihood of the token being oversold. The RSI is also tipping south, hinting at more price drops.
The price is below the 50-day simple moving average (SMA), indicating that a bearish momentum is at play.
This month’s downtrend was confirmed on August 5, when the 100-day SMA crossed the 200-day SMA from above.
The downtrend has been established with the double-digit drop in 24 hours.
If the bearish sentiment continues, the price will likely plunge below $0.10 to levels last seen in February this year.
Conflux Scheduled Hardfork Upgrade
Conflux’s downtrend continues despite the community anticipating a hard fork upgrade for the permissionless layer one blockchain.
The network will undergo a hard fork upgrade on September 7, significantly enhancing the protocol and functionality.
📣 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
According to the protocol, critical improvements introduced with this hard fork include performance optimization, new metrics, and EVM code refactoring.
CFX has yet to react to the upgrade’s potential on the Conflux ecosystem.
New AI Crypto yPredict Soars Past $3.6M In Presale
yPredict is an institutional-grade AI-powered crypto price prediction system.
The project is being promoted as a game-changer in the trading sector by providing access to AI tools and features that give them an unbeatable edge in the market.
The yPredict ecosystem is powered by its native YPRED token. The presale has already raised over $3.64 million at the current price of $0.1.
The presale price will increase to $0.11 after $4,582,551 is raised. Early investors are set to enjoy gains as the listing price for YPRED is $0.12.
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