Technical Analysis
- K-line indicator: According to the news from Bijie.com, on December 25, 2024, different trading pairs of CFX showed a certain increase. For example, CFX/USDT increased by 4.47%. However, the 4-hour K-line showed that the upward momentum weakened and the trading volume decreased. The price increase diverged from the decline in trading volume.
- Moving average: Taking CFX/USDT as an example, the current values of MA5, MA10, MA30, and MA60 are all 0. From a short-term and medium-term perspective, no obvious trend guidance has been formed.
- MACD indicator: CFX's MACD histogram continues to be positive and gradually becomes longer, indicating that the bulls are strong, but some periods also show that the bulls are weakening, and there is no obvious trend overall.
- KDJ indicator: The KDJ value is in the overbought area in some periods and in the neutral area in other periods. There is no obvious golden cross or dead cross, and there is no clear direction for judging the short-term trend.
Market and cooperation level
- Trading platform support: Coinbase International Station launched CFX perpetual contracts and futures trading, Binance supported Conflux network upgrades and hard forks, and XT.COM launched CFX cloud mining products. These measures have increased CFX's trading channels and market attention, and are expected to provide some impetus for its price increase.
- Business cooperation: Bit.Store has reached a cooperation with Conflux. Bit.StoreCard will support CFX recharge and consumption, which will expand the use of CFX in actual application scenarios and may attract more users to hold and use CFX, thereby having a positive impact on its price.
Project development level
- Developer Ambassador Program: Conflux launches the Developer Ambassador Program, which rewards developers with CFX tokens. This will help attract more developers to participate in the construction and development of the Conflux network, promote continuous innovation and improvement of technology, enhance the competitiveness and long-term value of the project, and have a positive significance for the price stability and increase of CFX.
- Network upgrade and hard fork: Binance will support Conflux (CFX) network upgrade and hard fork. Successful network upgrade and hard fork usually bring performance improvement and function enhancement, thus attracting more users and developers, and increasing the demand and value of CFX.
Macro-environmental level
- Industry regulatory policies: There is still uncertainty in the regulatory policies on cryptocurrencies worldwide. If the regulatory policies are further tightened in the future, it may have an adverse impact on the market transactions and prices of CFX; on the contrary, if the regulatory policies are gradually clarified and standardized, it will be conducive to the healthy development of the cryptocurrency market such as CFX and create a good policy environment for its price increase.
- Overall market sentiment: The overall sentiment of the cryptocurrency market and investor confidence also have an important impact on the price trend of CFX. If the market is in a bull market and investors have a high risk appetite, CFX may rise with the market; if the market is in a bear market or downturn, CFX will also face greater downward pressure.
Potential risks
- Market competition risk: The blockchain industry is highly competitive, and new public chain projects continue to emerge. If the Conflux network cannot maintain its leading edge in technology, performance, application scenarios, etc., CFX may face the risk of losing market share, which will affect its price.
- Technical security risks: Blockchain technology is still in the process of continuous development and improvement. The Conflux network may face security risks such as technical loopholes and hacker attacks. Once a security incident occurs, it will cause serious damage to the reputation and value of CFX.
Although the CFX token currently shows signs of weakening upward momentum in terms of technical indicators, there are many positive factors in terms of market cooperation and project development, as well as the coexistence of macroeconomic environment and potential risks. Investors should pay close attention to changes in the above aspects when making decisions, and invest prudently according to their own risk tolerance and investment goals.