CFX Price Jumps 10% As Conflux Unveils New Roadmap
Conflux (CFX) price has seen a significant surge in the last 24 hours, rising by 10.59% following the unveiling of its roadmap for the next three to five years. The surge comes amidst increased trading activity, with CFX showing renewed investor interest and growing momentum.
Conflux Roadmap Sparks Investor Interest
The Conflux team recently revealed their new technology roadmap, outlining future developments aimed at transforming the blockchain space. The roadmap features advancements in scalability, privacy, and AI integration, all designed to make Conflux a leading Layer 1 blockchain platform.
While the details of the roadmap are vast, investors are particularly excited about innovations like the Proof of Useful Work (PoUW) and the integration of zero-knowledge proof technology, both of which are expected to enhance network performance and security.
These developments have drawn attention from developers and users looking for fast, secure, and cost-effective blockchain solutions. The roadmap highlights Conflux’s commitment to addressing current blockchain limitations while preparing for a more interconnected and efficient Web3 ecosystem.
Inverse Head and Shoulders Formation Indicates Bullish Potential
On the 1-day CFX price chart, there is a formation of an inverse head and shoulders pattern, which is typically considered a bullish reversal indicator. This pattern has been developing, with the right shoulder still in progress. The neckline, serving as resistance, is positioned around $0.18, a level that the price is currently testing.
Should the CFX price break and hold above this neckline with sufficient volume, it would confirm the bullish reversal. According to technical projections, a breakout could push the price towards the $0.28 target. This price movement would mark a continuation of the recent uptrend and further establish bullish sentiment around CFX.
The price of $CFX had a breakout above the triangle formation. #Cornflux could 3x from here! pic.twitter.com/8NU7Ro0eql
— CryptoJack (@cryptojack) October 2, 2024
Key support levels have been identified at $0.12 and $0.16, aligning with the shoulders of the pattern. These levels are expected to act as support if the price encounters pullbacks during its ascent. Crypto analyst Jack, in addition, has highlighted that CFX recently broke above a descending trend line, another bullish signal. He noted that a successful retest of this breakout level could confirm the upward momentum towards a target of $0.50 in the medium term.
Technical Indicators Support Positive Momentum
The Relative Strength Index (RSI) currently sits just below 60, suggesting that CFX is not yet overbought. This leaves room for further upward movement before the asset reaches overbought conditions. The upward trend in RSI also reflects growing buying interest, supporting the bullish momentum implied by the inverse head and shoulders pattern.
Another important indicator is the Chaikin Money Flow (CMF), which is hovering around -0.03. This neutral reading suggests that money flow is balanced, indicating a consolidation phase before a potential breakout. If CMF moves into positive territory, it would signal increased buying pressure, adding more support to the bullish trend.
Source: TradingView
The derivatives market has also shown significant activity surrounding the token. According to Coinglass, the trading volume for CFX derivatives has surged by 88.54%, reaching $470.16 million. The Open interest in addition has risen by 15.15%, totaling $58.84 million. This increase in both volume and open interest suggests that new capital is flowing into the market, further reinforcing the bullish sentiment.
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