FxWirePro- CFXUSD (Chart of the day)
Conflux enables creators, communities, and markets to connect across borders and protocols.
Conflux's consensus is a hybrid mechanism that combines PoW and PoS. PoW miners produce blocks and sort them using the Tree-Graph algorithm, achieving high throughput and scalability.
Features
Transactions per second 3000-6000
Block time- 0.50 seconds
CFTUSD has shown a minor pullback after a long consolidation.
Any daily close above $0.50 confirms further bullishness.
CFTUSD gained more than 30% in the past two days. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $0.4035 and is currently trading around $0.3887.
The bullish invalidation can happen if the pair closes below $0.10. On the lower side, the near-term support is $0.35. Any break below targets $0.280/$0.20/$0.16/$0.10. significant downtrend if it breaks $0.10.
The immediate resistance stands at around $0.50. Any breach above confirms bullish continuation. A jump to $0.59/$0.70 is possible. A surge past $0.735 will take it to $0.80.
It is good to buy on dips around $0.350 with SL around $0.28 for TP of $0.50.
