Conflux Price Prediction: CFX Tumbles 27% - Changing the Blockchain Game?

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Conflux (CFX) streamlines the transfer of valuable assets through its efficient and rapid transaction process, circumvents network congestion, and ensures minimal transaction costs.

Such features have captured the attention of investors, who anticipate potential future growth for the token.

Despite the promising prospects and engagements in certain developments, Conflux’s price trajectory has aligned with the downward trend in the broader crypto market over the past week.

📣 Conflux is thrilled to sponsor the Blockchain Futurist Conference #Futurist23 in Toronto!

🔹 A big shoutout to @Futurist_conf and @untraceableinc for putting together Canada's Premier Crypto Event.

📍 Join us at our cabana, and let's chat!

🎫 Still need a ticket? We've got… pic.twitter.com/joJhELDKDu

— Conflux Network Official (@Conflux_Network) August 10, 2023

Like many other assets, the token has recorded a massive dip during this period. This downward trend could be attributed to the overall market sentiment and external factors affecting cryptocurrency.

Conflux Fails to Sustain Upward Movements

Conflux (CFX) is down by 3.30%, trading at $0.129183 as of 05:37 AM EST. However, the token holds a 24-hour trading volume above $19 million, depicting a 5% decline in value.

Meanwhile, over the past seven days, Conflux has experienced a more significant price decline, totaling 27%. While the performance of Conflux now raises some concerns, it’s essential to consider the broader context.

Compared to its historical data, CFX price is remarkably higher, exhibiting a substantial increase of 478.79% against its all-time low recorded on January 1, 2023.

This suggests that despite the current downturn, there remains a potential for future growth in the value of Conflux.

Conflux Remains in Consolidation State

Conflux price movements reflect a lack of notable trading activity on the network, leaving the token consolidated. But while this position indicates an uncertain outlook for the token’s future price path, there are higher chances for continuous sell movements.

A few indicators support this analysis, with the token’s price standing below the 50-day and 200-day Moving Averages.

Moreover, the MACD line sits slightly under the signal line. Although this formation is a ripple effect of the bears’ charge over the market, it could cause a further dip in CFX’s price over the next few days.

On the other hand, the bulls could be shaping up to take back control of the market. The possibility hinges on CFX’s price being undervalued, in the oversold region, as shown by the RSI reading of 23.45.

Supporting this prediction is the histogram suspending the formation of vivid red bars, indicating the decrease in sell pressure.

Conflux Support Level Encourages Reversal

The break in sell pressure may not be significant, given the breakdown at $0.1523 four days ago, forming a new resistance level.

This breakdown could see CFX’s price plunge further, targeting the support level of $0.035. Should this decline occur, Conflux would have dropped 72.31% from its price now.

Based on this analysis, traders and investors can expect a further CFX price decline. However, they should also note that sudden price fluctuations can alter the anticipated price path of the token.

Factors That May Influence Conflux Price

Conflux’s (CFX) price dynamics have consistently been influenced by factors such as its advancements within the crypto space. An example is the initiation of the Blockchain Futurist Conference on August 15.

The event occurred at the Rebel Entertainment Complex & Cabana in Toronto and serves as a focal point that offers an impressive spectrum of more than 25 sub-events on-site.

This further confirms its position as a leading platform for exploring the future of the internet, encompassing domains like blockchain technology, artificial intelligence (AI), the metaverse, and various other emerging tech trends.

The Blockchain Futurist Conference 2023 has gained recognition for assembling a diverse group of brilliant minds. It recorded over 6,800 attendees on its inaugural day and hosted an engaging lineup of speakers across three dynamic stages and numerous roundtable discussions.

These discussions span from the prospective outlook of cryptocurrencies to in-depth dialogues concerning DeFi, AI, and investment strategies.

Notable figures such as Charles Hoskinson, the CEO & Founder of IO Global, and Ethan Buchman, the Co-Founder of Cosmos and CEO of Informal Systems, are among the speakers contributing their insights.

Essential to the execution of the Blockchain Futurist Conference is the unwavering support from its valuable sponsors. These sponsors play a crucial role in propelling the evolution of blockchain and Web3 technologies.

Distinguished entities like Conflux, Shib, NDAX, WonderFi, XDC, Brave, Coinbase, Avalanche, Dfinity, Foundry, Kraken, Arbitrum, EOS, Starkware, and Crypto.com are part of this network.

Events of this nature can introduce Conflux to a substantial audience. This, in effect, might attract greater focus toward its inherent token ($CFX), increasing its usage and fostering upward shifts in its price.

Conflux Alternative – Wall Street Memes

The Wall Street Memes (WSM) token venture has raised over $26.2 million and now edges closer to its final presale stage.

Frequently referred to as the ‘Pepe and Shiba killer,’ this project is dedicated to amplifying investors’ fortunes through substantial returns. Forecasts from cryptocurrency experts indicate an astonishing 1000x growth potential for the project within this year.

The project’s ambitions extend further, as the impending introduction of staking will enable token holders to earn yields from the 30% of the total token supply set aside for community rewards.

One factor contributing to Wall Street Memes token’s growth is its endorsement by influential figures within the cryptocurrency realm.

Notably, prominent YouTube influencers with subscriber counts surpassing several hundred thousand have lent their support. This backing underscores the project’s credibility and potential.

Renowned entrepreneur and tech visionary Elon Musk has consistently displayed his enthusiasm for Wall Street Memes, indicating his recognition of its potential impact. His interactions with the community fuel discussions and contribute to the growing interest surrounding the token.

Intending participants can acquire $WSM on the BNB Smart Chain and Ethereum blockchain using BNB, ETH, or USDT (ERC-20 or BEP-20).

Moreover, Wall Street Memes is hosting a competition where five fortunate participants can benefit from a substantial $50,000 $WSM airdrop. Investors already obtaining $WSM can follow the Wall Street Memes Linktree page instructions to qualify for the airdrop.

Smog (SMOG) - Meme Coin With Rewards

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