Conflux (CFX) Price Skyrockets by 10.59% as Roadmap Unveiling Sparks Investor Interest

The Conflux team recently revealed their new technology roadmap, outlining future developments aimed at transforming the blockchain space.

Conflux (CFX) price soared by 10.59% in the last 24 hours following the unveiling of its technology roadmap for the next three to five years. The surge comes amid increased trading activity, sparking renewed investor interest in the Layer 1 blockchain.

While the details of the roadmap are vast, some key highlights include advancements in scalability, privacy, and artificial intelligence (AI) integration, all designed to make Conflux a leading blockchain platform. Some specific innovations that have excited investors include the integration of Proof of Useful Work (PoUW) and zero-knowledge proof technology, both of which are expected to enhance network performance and security.

These developments are drawing attention from developers and users who are seeking fast, secure, and cost-effective blockchain solutions for their projects and applications. The roadmap essentially outlines Conflux's strategy to address present blockchain limitations and prepare for a more interconnected and efficient Web3 ecosystem.

On the 1-day CFX price chart, there is a formation of an inverse head and shoulders pattern, which is typically considered a bullish reversal indicator. This pattern has been developing on the price chart, with the right shoulder still forming. The neckline, acting as resistance, is positioned around $0.18, a level that the price is currently testing.

Should the CFX price break and hold above this neckline with sufficient volume, it would confirm the bullish reversal. According to technical projections, a breakout could push the price towards the $0.28 target. This price movement would mark a continuation of the recent uptrend and further establish bullish sentiment around CFX.

Key support levels have been identified at $0.12 and $0.16, aligning with the shoulders of the pattern. These levels are expected to act as support if the price encounters pullbacks during its ascent. Crypto analyst Jack, in addition, has highlighted that CFX recently broke above a descending trend line, another bullish signal. He noted that a successful retest of this breakout level could confirm the upward momentum towards a target of $0.50 in the medium term.

The price of $CFX had a breakout above the triangle formation. #Cornflux could 3x from here! pic.twitter.com/8NU7Ro0eql

— CryptoJack (@cryptojack) October 2, 2024

CFX is trading at $0.1744 at the time of writing, and recent analysis has shown that it could potentially 3x from here, targeting a price of $0.50 in the medium term. Keep an eye on CFX as it continues to make new highs and lows on the 1-day chart, aiming for the next breakout.

The Relative Strength Index (RSI) currently sits just below 60, suggesting that CFX is not yet overbought. This leaves room for further upward movement before the asset reaches overbought conditions. The upward trend in RSI also reflects growing buying interest, supporting the bullish momentum implied by the inverse head and shoulders pattern.

Another important indicator is the Chaikin Money Flow (CMF), which is hovering around -0.03. This neutral reading suggests that money flow is balanced, indicating a consolidation phase before a potential breakout. If CMF moves into positive territory, it would signal increased buying pressure, adding more support to the bullish trend.

Source: TradingView

The derivatives market has also shown significant activity surrounding the token. According to Coinglass, the trading volume for CFX derivatives has surged by 88.54%, reaching $470.16 million. The Open interest in addition has risen by 15.15%, totaling $58.84 million. This increase in both volume and open interest suggests that new capital is flowing into the market, further reinforcing the bullish sentiment.

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