Conflux Price Prediction: Can CFX Price Lead China’s Crypto Market?

Key Takeaways

• CFX price faces bearish pressure toward $0.2 following intense selloff.
• Considering the current BTC market sentiment and rising buying demand among Chinese investors, CFX price might reach $0.28 in May.
• In 2025, CFX might record maximum price of $0.4773.

Conflux Network (CFX) is a high-speed layer 1 blockchain that combines proof-of-work consensus with proof-of-stake finality. Originating from China, it follows local regulations, earning it the nickname “Chinese Ethereum.”

The network’s native CFX token serves various purposes, such as being a store-of-value and a governance token. You can also stake these tokens to receive passive income in the form of more CFX tokens.

When considering the future value of the CFX token in 2024 and beyond, our CFX network price prediction takes into account various factors that could influence its price. Analysts question: Can CFX price reach $1?; however, this depends on economic conditions, the token’s practical uses, and historical price trends.

Overview

Conflux Price Prediction: Technical Analysis

Conflux price analysis: CFX price declined heavily as it dropped toward $0.2

TL; DR Breakdown

• CFX price analysis shows that Conflux faced a bearish pattern as the price dropped below $0.21
• Resistance for CFX is present at $0.2617
• Support for CFX/USD is present at $0.1884

The CFX price analysis for 2 May confirms that bears sparked a solid selling pressure as CFX price plunged buying confidence by heading below the $0.21 mark.

CFX price analysis 1-day chart: Conflux price faces intense bearish pressure

Analyzing the daily price chart of Conflux, CFX’s price faced a robust selling pressure as the price continued to decline below immediate Fib channels and headed toward the $0.2 level. The CFX price is facing a surge in selling demand as it reaches a crucial support line. The 24-hour volume has surged to $9 million, showing an increased interest in trading activity today. CFX price is currently trading at $0.214, decreasing by over 0.78% in the last 24 hours.

The RSI-14 trend line has declined from its previous level and currently trades around the oversold region at 32, hinting that a bearish pressure is on the edge. The SMA-14 level suggests volatility in the next few hours.

CFX/USD 4-hour price chart: Bulls aim for an immediate correction above moving averages

The 4-hour Conflux price chart suggests that bears are strengthening their position as they are aiming to send the price below the Fib lines. However, bulls are maintaining buying confidence and are aiming to hold the price above the EMA20 trend line.

The BoP indicator is trading in a positive region at 0.29, showing that short-term buyers are taking a chance to accelerate an upward trend.

Additionally, the MACD trend line has formed bullish candles above the signal line and the indicator aims for a positive momentum, strengthening long-position holders’ confidence.

Conflux Technical Indicators: Levels And Action

Daily Simple Moving Average (SMA)

Daily Exponential Moving Average (EMA)

What to expect from CFX price analysis next?

The hourly price chart confirms that Conflux attempts to drop below the immediate support line; however, bulls are eyeing for further recovery in the upcoming hours. If CFX’s price successfully holds its momentum above $0.2617, it will fuel a bullish rally to $0.3716.

If bulls fail to initiate a surge, CFX price may drop below the immediate support line at $0.1884, which may begin a bearish trend to $0.1302.

Recent News

• Conflux collaborates with the Shanghai City Basketball Championship to launch digital NFT participation certificates for the premier amateur basketball event in Shanghai.
• Conflux Network announces the upgrade to Hydra Version 2.3.5, enhancing node compatibility, stability, and transaction handling, with faster reboots and improved snapshot support.

Conflux Network Price Prediction May 2024

Conflux price has been on a bearish rally following Bitcoin’s drop toward the $57K mark. As a result, sellers are now active and are aiming to defend any surges in the upcoming days. However, the recent launch of spot ETF products in Hong Kong might boost Chinese crypto tokens and we might see a rebound in CFX price in the coming days.

Also read: China embraces blockchain: the conflux network partnership amid cryptocurrency skepticism

Our prediction for Conflux expects a minimum price of $0.12 and a maximum price of $0.28 with an average price of $0.2 in May.

Conflux Price Prediction 2024

One key event that could trigger the next boom is the Bitcoin halving. This halving could drive up the value of many altcoins, including CFX.

Meanwhile, Conflux is looking to boost its global dominance by opening offices in Dubai, Europe, and other areas. This expansion could increase the popularity of the Conflux Network token and its blockchain in 2024 and beyond.

In addition, Conflux Network is also focusing on educating Chinese artists about using its platform for NFTs throughout 2024. This includes promoting projects that have already launched on the network, like ConFi’s Friends and the MEI PROJECT sneakers, which have both introduced NFT-themed products successfully. This might boost the buying demand of CFX tokens in the Chinese market.

In 2024, the Conflux price is expected to stabilize at a minimum of $0.2780. The price may peak at $0.3427, with the average trading price anticipated around $0.2893.

Conflux Network Price Predictions 2025-2030

Conflux Price Predictions 2025

Marion Laboure, a researcher at Deutsche Bank, believes Bitcoin could become a modern-day equivalent of gold. The Conflux Network stands out as the only blockchain in China that meets regulatory standards, making it a likely choice for Chinese investors who might prefer buying CFX tokens over Bitcoin.

Currently, there is no roadmap for the Conflux Network that reaches as far as 2030. However, looking at its past updates, there’s a strong chance it could become a top layer 1 blockchain in 2025’s crypto market.

Read more: Conflux network introduces axhkd, hong kong dollar-backed stablecoin

For 2025, projections indicate that the Conflux could see a low of $0.3979. The price is capable of reaching a high of $0.4773, with the median price likely to be around $0.4123.

CFX Price Forecast for 2026

The team has prepared 2.4 billion CFX tokens as grant awards to encourage developers to broaden its network. With each token priced at $0.2, this amounts to nearly $600 million. The value could increase if the token price goes up.

In a bullish scenario, by 2026, the price of Conflux is predicted to bottom out at $0.6022. The peak price could be as high as $0.6951, with an expected average price of $0.6228 throughout the year.

Conflux (CFX) Price Prediction 2027

The analysis for 2027 suggests that Conflux could have a minimum price of $0.8739. The price may escalate to a maximum of $1.06, averaging around $0.9050.

Conflux Price Prediction 2028

It is anticipated that the Conflux price will reach a minimum of $1.22 in 2028. The maximum price might hit $1.51, with an average price of $1.25 throughout the year.

Conflux Price Prediction 2029

Predictions for 2029 show Conflux reaching a minimum price of $1.79. The price could climb to a maximum of $2.11, with an average of $1.86 over the year.

Conflux (CFX) Price Prediction 2030

The year 2030 could see the Conflux trading at a minimum of $2.57. The price is expected to peak at around $3.08, with the average trading value likely to be $2.64.

Conflux Market Price Prediction: Analysts’ CFX Price Forecast

• Experts from CoinCodex predict that by the second quarter of 2024, the Conflux Network could be trading at $1.02, which represents a 378% increase from the current CFX price of $0.21.
• Meanwhile, CCN offers a bearish outlook for the CFX token. Their analysts expect the price to range from $0.47 to $0.57 by 2025 and between $1.01 and $3.83 by 2030.

Cryptopolitan’s Conflux (CFX) Price Prediction

At Cryptopolitan, we are bullish on Conflux’s future price as the historical market sentiment is extremely impressive. By the end of 2024, CFX price might record a minimum of $0.2780. The price may peak at $0.3427, with the average trading price anticipated around $0.2893.

However, the future market potential for Conflux entirely depends on its buying demand, regulation in China and investor sentiment in long-term holding.

We expect CFX price to create a high of $0.3427 by the end of 2024.

Conflux Historic Price Sentiment

• Initial listing at approximately $0.08 in late 2020.
• Reached an all-time high of $1.70 on March 27, 2021, during a crypto bull run.
• Dropped below $1.00 in early May 2021; ended the year at $0.1994.
• Experienced significant losses, falling below $0.10 by mid-May.
• Closed the year at $0.02198 after nearly 90% annual loss.
• Hit an all-time low of $0.02191 on January 1, 2023.
• Rose past $0.30 in February following a partnership announcement with China Telecom.
• Peaked above $0.40 several times in March and April.
• Suffered a decline due to SEC lawsuits but managed $0.278 on June 23.
• Dropped to about $0.125 on August 23; ended the year at $0.185.
• Increased to $0.2323 by January 30, 2024.
• In March, CFX price surged above $0.51; however, it later declined in the following weeks toward $0.2.

Source