Conflux Price Forecast: CFX Records 2% Increase After Forging New Collaborations

Conflux Price Forecast: CFX Records 2% Increase After Forging New Collaborations

The Speculative Fall of Conflux Raises Questions About its Future

Conflux has experienced a decline in its value in the previous 30 days, leading to speculation in the market. Several specialists believe that the price will continue to decrease, while others anticipate a probable increase in the long run.

During the general cryptocurrency market fall on August 17, Conflux dropped to $0.15 and has remained at a low price ever since. Nonetheless, it has recorded a few short-term rallies in September regardless of sitting at the $0.12 price level.

As of now, on September 6, at 5:12 a.m. EST, Conflux is currently worth $0.1271, showing a 2% increase in the previous day. Regardless of factors suggesting further short-term losses, the recent performance and growth probable of Conflux could strengthen positive trend sentiment and drive the price upwards over time.

Binance’s Support for Conflux’s Upcoming Hard Fork Upgrade Could Trigger a Price Rally

Conflux is scheduled to undergo a whole lot of hard fork upgrade on September 7, 2023. Binance has announced its support for this network upgrade and will handle all technical aspects for users holding Conflux (CFX) in their accounts.

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To support the transition, deposits and withdrawals of CFX tokens on Binance will be temporarily stopped starting September 7 at 4:00 p.m. (UTC). Hard forks are commonly used to implement whole lot of upgrades and improvements, which can attract more users, developers, and projects to the Conflux network.

The support and endorsement from Binance, one of the largest and most influential digital currency exchanges, can generate positive sentiment around CFX. This could potentially lead to increased trading volumes and price appreciation as more traders become interested in the project.

Conflux’s MACD Remains Positive Amid a Strong Bearish Market Trend – What Lies Ahead?

Looking at Conflux’s daily chart, a red candlestick formation indicates increased selling pressure, suggesting that the coin may fall further by the end of the day. The 50-day and 200-day Simple Moving Average (SMA) are over the coin, indicating a strong bearish market trend.

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In addition, the coin’s Relative Strength Index (RSI) is moving downward, reflecting increasing selling activities. This could potentially push CFX towards its critical support at $0.1185 in the coming days.

Nonetheless, the coin’s Moving Average Intersection Divergence (MACD) is displaying a positive trend trend with green bold histogram bars. This indicates a strong positive trend momentum supporting CFX’s price and the likelihood of a rally in the near future, contradicting negative price speculations.

According to the chart, CFX has resistance at $0.1375 and support at $0.1185. These levels are historical points where whole lot of trading activities occur. If CFX reaches the level of support, buyers may enter the market, triggering a price bounce and potentially leading to an upward trajectory towards the resistance at $0.1375 and beyond.

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Bitcoin (BTC) BSC – A New Stake-to-Earn Project as an Alternative to CFX

Bitcoin (BTC) BSC offers a unique proposition for those looking to diversify their digital currency holdings. Its proof-of-stake consensus mechanism allows BTCBSC to operate with lower transaction fees and quicker confirmation times than Bitcoin.

Transactions on BTCBSC cost around $0.10 and are confirmed in less than 5 seconds, providing an attractive option for individuals frustrated by slow and pricey transactions.

Integration with the Binance Smart Chain (BSC) enables BTCBSC to facilitate smart contracts, opening doors to decentralized applications and probable DeFi services.

Furthermore, BTCBSC’s staking bonus system offers investors a way to earn a yield on their investment, with an annual percentage yield (APY) of approximately 8-10%.

Newly Commenced Presale Reaches Whole lot of Milestone

Bitcoin (BTC) BSC’s token presale has recently gone live and is indeed attracting attention. The presale has raised over $24,600 towards its target of $3.96 Million, indicating growing interest in the project.

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Investors and traders can take part in the presale by swapping their USDT, BNB, or Ethereum (ETH) for BTCBSC at a standard price of $0.99. This presents a chance to get involved in the project and potentially take advantage of its revolutionary attributes.

Hot Take:

Although while Conflux’s recent performance and upcoming hard fork upgrade on September 7 offer probable for an upward price movement, it is essential to consider the overall market conditions and exercise caution when making investment decisions. Conduct thorough research and consult with financial advisors before making any investment choices.

Author – Contributor at | Website

Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.

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