Main to remember
Conflux consolidated for more than four months and jumped for more than 40% per day after escape. As more metrics show up bullish conditions, IS This is the start of the CFX rally?
While the weekend ends after a “week of engaging crypto”, very few altcoins have achieved more than 10% gains in one day. It was potentially the cause of the increase in the current week.
On this note, Conflux (CFX) and Tezos (XTZ) have been among the best performers in the last 24 hours, both increasing around 40% in 24 hours.
What is the next step after CFX overvoltage?
By examining the technical perspectives of the conflux pricing table, Altcoin had exceeded the consolidation that had been in place for about four months.
CFX broke out above the $ 0.10 zone with a large momentum, leading to the positive change of 40% of its market value.
However, the continuous overvoltage of the price could expose the CFX to a correction. The separate level where a major obstacle can be completed seems to be $ 0.18, depending on the price structure.
Source: tradingView
If CFX had to make a retest, the $ 0.10 seemed to be the optimal area where it could happen. Alternatively, a continuous amount of movement of Altcoin could reverse the chances of a correction.
No more bullish signs!
While the accusation continued, higher signs reigned, especially in derivative markets rather than spot. The volume of CFX increased by 374% reaching $ 551.55 million.
This was supported by an open interest (OI) which was 109% higher than that of the day before.
In addition, the overall long / short ratio on various superior exchanges was higher than brand 1, which suggests that traders bought cfx. That of the best traders was higher, which means that the one informed was also higher.
Source: Coringlass
For liquidations in the past 24 hours, see more shorts removed as a pumped price.
At the time of the press, over the period of one hour, CFX saw more than $ 700,000 while the highest obtained nearly a million dollars in liquidations.
Buyers prevail over sellers
Insulating trading on a term contracts on the binance, the thermal card showed that traders were exceeded on long because they reduce that of shorts.
The 50x and 25x levers increased after the price exceeded $ 0.10 and became more pronounced as the price approached $ 0.15.
On the other hand, short CFX orders reduced with 50x only appearing at the beach of $ 0.15. This priority suggested that short traders have exhausted.
That said, the cumulative liquidation lever effect was about $ 1 million while long was close to $ 8 million. This meant a disparity of almost 8 times confirming that buyers had sellers outdone.
Source: Coringlass
Winding up, the Prix de la Conflux has shown but an upward potential, but prudence was justified when thinking about the pump. That said, reasonable withdrawals could be used for price entries.
