The current price of Conflux (CFX) is $0.1932, recently entering a consolidation phase after an increase, suspected to be a washout stage. Combining technical analysis, on-chain data, and market sentiment, CFX may continue to pull back in the short term, but shows significant bullish potential in the long term, with a comprehensive market rally in the Ethereum ecosystem likely to bring about a substantial increase. The current price may not be the best entry point; it is recommended to establish a small position to avoid missing out on the overall bullish market driven by Ethereum.
Market Dynamics: Price drivers of CFX. Current quote for CFX is $0.19618, up about 222% from the early July low of $0.06, but down about 30% from the recent high of $0.2769. It has decreased by 2.68% in the past 24 hours and increased by 12.32% over the past 7 days.
Ecosystem Progress: The Conflux 3.0 upgrade is approaching, focusing on AI, real asset tokenization, and cross-border stablecoin settlement. Minax has announced a $1 billion real asset tokenization project on the Conflux network to enhance ecosystem attractiveness.
On-chain data: 24-hour trading volume reached $183.71M, an increase of 13.54% compared to the previous day. The number of daily active addresses and transactions is rising, indicating increased network activity. The circulating supply is 5.112 billion, accounting for 100% of the total supply.
Market Sentiment: The Fear and Greed Index is at 55, neutral to greedy. The discussion volume of CFX on platform X is increasing, with 65.62% of posts bullish, 34.38% neutral, and 17.18% bearish.
Technical Analysis: Signs of a washout and breakout potential on the daily chart: Since breaking the downward trend line in July, CFX has formed a bullish flag pattern, currently oscillating in the $0.18-$0.20 range, suspected to be a washout. Support is at $0.18-$0.1557, and resistance is at $0.20-$0.2467. If it breaks below $0.18, it may test $0.1557; if it breaks above $0.2467, the next target is $0.30-$0.44.
Technical Indicators: The 14-day RSI is 58.32, in the neutral zone, not showing overbought conditions. The MACD indicates enhanced short-term bearish momentum, but the 50-day and 200-day EMA are in a bullish arrangement, supporting the bullish trend. The Bollinger Bands are expanding, indicating increased volatility.
Key Levels: The current price is slightly below the 50-day SMA (approximately $0.20) and above the 200-day SMA (approximately $0.103), indicating a bullish medium-term trend.
Risk Warning: Short-term pullback risk. The profit-taking pressure after CFX's recent rise may intensify the washout. The hard fork on August 2 caused a brief price drop of 10%, showing the market's sensitivity to technological updates. If BTC falls below $115,000 or macro policies (like tariffs) trigger volatility, CFX may retest $0.1557 or even $0.1031. High-leverage short positions carry high risks; it is recommended to avoid shorting.
Capital Management: Avoid full position operations, maintain liquidity to prevent missing out on the overall bull market opportunities in the Ethereum ecosystem and Layer-1 sector.
Risk Control: Set stop-loss at 5%-10%, strictly control position size to ensure capital safety.
Conclusion
CFX is determined to be in a washout stage, and short-term pullbacks may provide better buying opportunities. Ecosystem upgrades and the Ethereum ecosystem's enthusiasm support its long-term rise; it is recommended to hold a small position and patiently wait for a breakout, avoiding full position chasing to capture bull market benefits.