Conflux Network Price Prediction – How Much Will CFX Be Worth in 2021?

Conflux Network Price Prediction – How Much Will CFX Be Worth in 2021?
  • Bullish CFX price prediction ranges from $0.45 to $0.97.
  • The CFX price might also reach $1.02.
  • CFX bearish market price prediction for 2021 is $0.18.

In CFX price prediction 2021, we use statistics, price patterns, ADX, and much other information about CFX to analyze the future movement of the cryptocurrency. 

Conflux is an open source, unauthorized blockchain that connects Asian and Western communities and economies to ensure the safe flow of assets and data across borders, protocols, and applications. The Conflux protocol is fast, scalable and reliable, with zero congestion and low fees.

Current Market Status of Conflux Network (CFX)

According to Coingecko, the price of CFX is $0.33 with a 24-hour trading volume of $15,624,511 at the time of writing. However, CFX has decreased by 1.2% in the last 24 hours.

Moreover, CFX has a circulating supply of 867,938,267 CFX coins. Currently, CFX trades in cryptocurrency exchanges such as Binance, OKEx, ZT, Gate.io, and BKEX.

Conflux Network (CFX) Price Prediction 2021

Conflux Network (CFX) holds the 191th position on CoinGecko right now. CFX price prediction 2021 explained below with a daily time frame.  

CFX/USDT Triangle Pattern (Source: Tradingview)

A symmetrical triangle is made up of a falling upper trendline and a rising lower trendline. As the price approaches the apex, it will undoubtedly violate the upper trendline, resulting in a breakout and uptrend on rising prices, or it will breach the lower trendline, resulting in a breakdown and downtrend on falling prices. After drawing two converging trend lines on a chart, a triangle can be seen.

The symmetrical triangle differs from the other triangle patterns in that it is a neutral pattern that does not lean in any direction. While the triangle itself is neutral, it still favours the existing trend’s direction, and traders look for breakouts in that direction.

Currently, CFX is trading at $0.35. After this, CFX may continue to fall or rise according to the direction of breakout. With this pattern, CFX might reach the resistance level at $1.02 soon, if the trend breaks out at $0.40. If the trend reverses, then the price of CFX may fall to $0.18.

Conflux Network (CFX) Support and Resistance Level

The below chart shows the support and resistance level of CFX. 

CFX/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it observed that the following are the resistance and support level of CFX.

  • Resistance Level 1 – $0.42
  • Resistance Level 2 – $0.62
  • Resistance Level 3 – $0.97
  • Support Level 1 – $0.25
  • Support Level 2 – $0.16

The chart depicts the bearish performance of CFX over the previous month. However, this trend will continue to reach resistance level at $0.97 soon. On the contrary, if the trend reversed then CFX might fall to $0.16 presenting a bearish signal.

Conflux Network (CFX) Average Directional Index (ADX)

Let us now look at CFX’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it frequently combined with directional indicators.

CFX/USDT ADX (Source:TradingView)

The above chart represents the ADX of CFX with the range at 58.45, so it indicates a very strong trend.

Conclusion

The CFX is one of the cryptos which is great for long-term investment. In addition, CFX price prediction will be bearish or bullish, until the breakout direction is confirmed. But, it has a good chance of reaching $1.70 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the CFX ecosystem, the performance of CFX would rise reaching $0.54 very soon. But, it might also reach $1.02 if the investors believe that CFX is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.