Conflux price drifted upwards on Wednesday as demand for the coin jumped. The CFX coin rose to $0.20, a few points above this week’s low of $0.17. It has crashed by more than 59% from the highest level this year, giving it a market cap of over $604 million. Its volume jumped by 250% to over $109 million.
Data compiled by CoinGlass shows that liquidations jumped to the highest level since June 30th of this year. Shorts from exchanges like Binance, OKX, Bybit, and Huobi jumped to over $774k. Longs worth over $287k were liquidated.
Liquidations are important parts of the crypto industry. They refer to when exchanges are forced to close leveraged positions that are in loss-making territory. Rising liquidations mean that volume of the coin is rising.
Conflux price also rose after the developers partnered with BR Group, one of the biggest full-service Web 3.0 agency. It is unclear what the partnership will involve since the two companies did not share more details. A likely approach is that the company will use the company for marketing.
For starters, Conflux is a fast-growing proof-of-work cryptocurrency that aims to be an alternative to popular networks like Bitcoin and Ethereum. Its claim to fame is a recent partnership between the company and China Telecom. The latter company is testing blockchain-enabled sim card. It is unclear how successful the sim card will be.
Conflux price prediction
The daily chart shows that the CFX coin has been in a strong bearish trend in the past few months. Precisely, it has dropped by almost 60% from the highest level this year. Along the way, the coin has moved below the 25-day and 50-day moving averages.
CFX price has formed a descending channel shown in green. The current price is now between this channel. As shown above, the token’s volume has almost dried up.
On a positive side, Conflux price has formed what looks like a double-bottom pattern at $0.1738. Therefore, we can’t rule out a situation where the coin bounces back. However, a move below the support at $0.17 will invalidate the bullish view.
