There has been a significant increase of 10.59% in the price of Conflux (CFX) in the last 24 hours. This rise occurred following the road map announced for the next three to five years. CFX continues to gain momentum with increased trading volume and investor interest.
Conflux Roadmap
The Conflux team announced its new technology roadmap that aims to transform the blockchain field. The roadmap includes advances in scalability, privacy and AI integration. This move, at least in theory, supports Conflux’s goal of becoming a leading Layer 1 blockchain platform.
While the details in the roadmap are extensive, investors are particularly excited about innovations such as Proof of Useful Work (PoUW) and the integration of zero-knowledge proof technology. These technologies are expected to improve network performance and security.
Targeted development may attract developers and users looking for fast, secure and cost-effective blockchain solutions. The roadmap shows that Conflux is preparing for a more integrated and efficient Web3 ecosystem while addressing current blockchain limitations.
TOBO formation, which is generally accepted as a harbinger of the rise, is formed on the daily chart. Although the formation is not yet fully formed, the right shoulder is still in the completion stage. The neckline positioned as resistance is located at $0.18 and the price is testing this level.
If the price breaks and crosses this neckline and is supported by sufficient volume, the rise is likely to be confirmed. According to technical predictions, this breakout could push the price towards the $0.28 target. Cryptocurrency analyst CryptoJack said;
“CFX price broke above the triangle formation. #Cornflux could triple here!”
CFX May Rise
The Relative Strength Index (RSI) is currently trending just below 60, indicating that CFX is not yet in overbought territory. The uptrend in the RSI reflects increasing buying interest and supports the bullish momentum suggested by the inverted head and shoulders pattern.
Chaikin Money Flow (CMF), another important indicator, is hovering around -0.03. This neutral reading says that money flows are in balance and we may see a consolidation phase before a possible breakout. If the CMF moves into the positive zone, it will support the increasing buying pressure and the uptrend.
The derivatives market also showed significant activity around the token. According to Coinglass, trading volume of CFX derivatives increased by 88.54% to $470.16 million. Open positions increased by 15.15% to 58.84 million dollars. This increase in both volume and open interest indicates that new capital is entering the market, strengthening the optimistic sentiment.
The rise in CFX price is seen as a result of Conflux’s new roadmap and technical indicators. CFX price may rise further if BTC allows it.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
