Is Conflux Going to Zero? CFX Price Plummets 9.2% as Viral New Meme Coin Secures $600,000 – Next Shiba Inu?
The Conflux price has fallen by 3% in the past 24 hours, with its drop to $0.103716 marking a concerning 9% loss in a week.
CFX has been on something of a downward spiral for the past few months, with the altcoin – the native token of the Chinese layer-one blockchain network Conflux – sitting on a 21% decline in the past fortnight and a 77.5% loss since March, when Conflux announced a partnership with China Telecom.
It seems that investors have become increasingly disinterested with CFX, which continues to decline despite selling at prices that have been steeply discounted in relation to where it was earlier in the year.
Yet while the market appears to have turned away from CFX, other promising altcoins are emerging, with the increasingly viral Meme Kombat (MK) raising more than $600,000 in its presale.
CFX's indicators all signal a coin that has been sold heavily for quite some time, with its relative strength index (purple) falling below 30 in the past couple of days, and only just beginning to inch back up.
Perhaps more seriously, the coin's 30-day exponential moving average (yellow) continues to slide even further below its 200-day average (blue), which again suggests that it's being severely oversold.
Normally, a 30-day average and RSI in these positions would indicate that an asset is due to rebound soon, yet in CFX's particular case it could be argued that a recovery isn't likely to arrive in the near future.
Indeed, its medium-term support level (green) has been falling consistently ever since the middle of August, meaning that further losses are entirely possible.
It will therefore be instructive to see whether its current support of around $0.1030 holds up, because if it doesn't more pain could be forthcoming.
Numerous
Read more on cryptonews.com
