- Conflux price has formed a cup and handle pattern on the 4H chart.
- The number of network transactions and holders has been rising.
Conflux (CFX) price pulled back after hitting its highest level since February 21. It rose to a high of $0.3690 and then pulled back to a low of $0.3145. This price is still about 130% above the lowest level this month. It has soared by more than 1,300% in 2023, making it one of the top coins this year.
Transaction count is rising
Conflux, a Chinese blockchain, has done well in the past few months. A quick look at its on-chain metrics shows that the platform’s total new accounts soared to the highest level this year. The number of total new accounts in the network jumped to a high of 18,000. This is a sign that the network is gaining traction among investors.
The other important on-chain data is on the number of transactions in the network. As shown below, the number of transactions per day rose to more than 89k on Wednesday. This was a few points below the year-to-date high of 103,421, which it hit on March 3.
This growth is likely because of the recent news in its ecosystem. For example, the network recent partnered with China Telecom, one of the biggest telecommunication giants in the country. The deal will see the company use Conflux to build blockchain-based sim cards. Further, the volume of Conflux NFTs has been growing in the past few months.
Conflux price prediction
The four-hour chart shows that the CFX crypto price has been in a strong bullish trend in the past few weeks. This rally saw it rise to the key level of $0.3690, the highest level in February. A closer look shows that it formed what looks like a cup and handle pattern that is shown in green. In price action analysis, this pattern is usually a bullish sign. The current pullback is part of the handle pattern.
Conflux price also remains above the 25-day and 50-day moving averages. The two averages have formed a bullish crossover pattern. Its volume remains at an elevated level while the price has moved to the overshoot level of the Murrey Math Lines point.
Therefore, Conflux price will likely drop to the key support level at $0.300 and then resume the bullish trend. This price is along the ultimate resistance of the math lines. In the near term, the coin will likely continue rising as buyers target the key resistance at $0.40.
