The Speculative Fall of Conflux Raises Questions About its Future
Conflux has experienced a decline in itsย value inย theย previous 30ย 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 everย since. Nonetheless, it has recorded a few short-term rallies in September regardlessย of sitting at the $0.12 price level.
Asย ofย now, on September 6, at 5:12 a.m. EST, Conflux is currentlyย worth $0.1271, showing a 2% increase in theย previousย day. Regardlessย of factors suggesting further short-term losses, the recent performance and growth probable of Conflux could strengthen positiveย trend sentiment and drive the price upwards over time.
Binanceโs Support for Confluxโs Upcoming Hard Fork Upgrade Could Trigger a Price Rally
Conflux is scheduled to undergo a wholeย lotย 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.
Toย 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 wholeย lotย 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 digitalย 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.
Confluxโs MACD Remains Positive Amid a Strong Bearish Market Trend โ What Lies Ahead?
Looking at Confluxโs 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.
Inย addition, the coinโs 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 coinโs Moving Average Intersection Divergence (MACD) is displaying a positiveย trend trend with green bold histogram bars. This indicates a strong positiveย trend momentum supporting CFXโs price and the likelihoodย 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 wholeย lotย of trading activities occur. If CFX reaches the levelย ofย 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.
Bitcoinย (BTC) BSC โ A New Stake-to-Earn Project as an Alternative to CFX
Bitcoinย (BTC) BSC offers a unique proposition for those looking to diversify their digitalย 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 toย facilitate smart contracts, opening doors to decentralized applications and probable DeFi services.
Furthermore, BTCBSCโs 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 Wholeย lotย of Milestone
Bitcoinย (BTC) BSCโs token presale has recently gone live and isย indeed attracting attention. The presale has raised over $24,600 towards its target of $3.96 Million, indicating growing interest in the project.
Investors and traders can take part in the presale by swapping their USDT, BNB, or Ethereumย (ETH) for BTCBSC at a standard price of $0.99. This presents aย chance to get involved in the project and potentially takeย advantageย of its revolutionary attributes.
Hot Take:
Althoughย while Confluxโs 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.
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.
