Conflux Price Surges 119% in a Week, Will CFX Price Plunge Harder?

Conflux is in the spotlight after an explosive rally that saw its price skyrocket nearly 120% in a week. From a modest $0.11 to a high of $0.2441, the token’s meteoric rise has caught the attention of traders and institutions alike. What’s driving this parabolic move you ask? A confluence of high-impact catalysts: a news around the acquisition by a Hong Kong-listed biotech giant, a China-backed stablecoin pilot, and the upcoming Conflux 3.0 upgrade.

Add to that a classic short squeeze with millions liquidated, and you’ve got a textbook crypto breakout. Intriguing enough? Read this Conflux price analysis for short-term price analysis for targets.

Development Activity Peaks Early, Stalls Before Upgrade?

The Santiment chart shows Conflux’s development activity surged from June 23 to July 1, peaking at 4.86, likely due to code pushes ahead of the Conflux 3.0 upgrade. Since then, activity has steadily declined, falling to 0.107 by July 21. This pattern suggests a code freeze phase, with focus shifting from building to testing. While the early spike supports the rally’s legitimacy, continued stagnation may raise concerns if no fresh dev momentum appears before the July 30 upgrade milestone.

CFX Price Analysis

At the time of writing, CFX trades at $0.2326, cooling slightly from the recent peak of $0.2215. In just 24 hours, it has gained over 66%, with trading volume still at $1.76 billion, a 1448%+ spike that confirms significant speculative interest. The RSI is at an extreme 94.51 on the 4H chart, suggesting the token is heavily overbought.

Technically, CFX has blasted through previous resistance zones, riding a steep vertical rally. The 20-period EMA has curved sharply upward, and the Bollinger Bands have widened dramatically, indicative of heightened volatility. The parabolic run also coincides with a massive short squeeze of over $11 million in liquidations, and open interest has swelled by 109% to $325 million.

Despite these bullish developments, the rally is approaching exhaustion. The RSI nearing 95 is historically unsustainable, and a correction or consolidation is likely before the next leg up. That being said, traders need to be cautious of the downside support at $0.1869. However, if the momentum picks up pace, CFX price could eye the $0.2814 target.

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