Conflux Near Its One-Year Low; Will It See A Trend Reversal Soon

• 1 Conflux has observed a decline in the overall transaction along with the overall account growth.
• 2 CFX had observed a drop of over 11% in the overall open interest while the overall L/S ratio reached 0.85
• 3 When writing, the CFX token price was trading near the value of $0.1172, dropping 29% in the past year.

Conflux is a layer-one blockchain created to power decentralized applications (dApps) and Web3 infrastructure. The protocol enables creators, communities, and markets to connect across borders and protocols. 

The tree graph consensus algorithm of the protocol uses parallel processing of blocks and transactions to lower confirmation times and increase TPS. It utilizes a highly tested PoW consensus to improve the protocol’s security. 

Conflux also provides unmatched scalability, eliminating the consensus bottleneck of other blockchains without sacrificing security.

Conflux has a built-in staking interest, which provides a foundation for innovative DeFi and dApp platforms. The staked tokens on the mainnet currently receive an annualized rate of 4% generated by the additional issuance of tokens. Let’s have a look at the onchain analysis of the Conflux.

Conflux Transactions Along With TVL Sees A New Low 

Conflux has a total supply of 5,017,458,202 CFX circulating in the market. There were 21945 holders of the CFX token at press time. Meanwhile, the top 10 holders of the CFX owned over 70% of the supply, while the top 100 holders owned 93.5% of the total supply.

When writing, Conflux had 24983033 accounts and 18800 total smart contracts. It got a block time of 0.45 Seconds with a hash rate of 4.339 T. It got a total of 743 POW nodes with a 2.045 TH of difficulty at the time of writing. 

When writing, the Conflux protocol got an APR of 11.3%, while the overall CFX staked were 590.5 Million. The protocol saw a decline in overall transactions, which was near 15,500. Meanwhile, the overall account growth also became stagnant and was near 72 daily at press time. 

Conflux had a TVL of $25.3 Million at the time of writing, which declined over the past few months. Meanwhile, the overall OI of the CFX was observed to decline by 15% in the last 24 hours. The overall Long to short ratio of the asset was near 0.865, suggesting a bearish momentum. As per the CoinGlass liquidation heat map model, the overal liquidity was concentrated near $0.135 at press time. 

Will CFX Reccover To $0.5 In 2024?

Conflux’s market cap was $495 Million at press time, ranked 105th in the cryptoverse. It has observed a surge of 52% in the overall volume in the past 24 hours. CFX price traded near the value of $0.11 with a drop of 21% in the intraday session.

Will CFX Reccover To $0.5 In 2024? by Ritika_TCR on TradingView.com

CFX was forming bearish candles on the daily chart at press time. It traded below the 50 and 100 EMAs on the daily chart. The upside trend of CFX could see a halt near the value of $0.2. Meanwhile, asset price support could be observed to be near the $0.1 level.

When writing, the RSI of CFX was near 29 with a strong downside slope in it. The overall momentum of the indicator was bearish.

Conflux has been seeing a weak trend in the daily chart and may fall to the low of $0.1. According to various analysts, there can be an uptrend in the near future.