Conflux Price Prediction 2024: CFX Price Analysis
What's next for Conflux?
Key Takeaways
- Conflux Network’s CFX coin has been on a downturn in recent months after doing well in 2023.
- The platform has integrated with Ethereum.
- Our Conflux price prediction says the coin can reach $0.60 by 2025.
Conflux Network , dubbed the “Chinese Ethereum,” was founded in 2018 as a regulatory-compliant public blockchain in China, offering a scalable and decentralized infrastructure.
Conflux’s integration with the Ethereum (ETH) ecosystem via Ethereum Virtual Machine (EVM) compatibility is part of its strategy to engage with the extensive developer community and existing decentralized applications (DApps) on Ethereum.
On June 27 2024, Conflux was worth about $0.155.
Conflux did not respond to a request for comment.
Let’s take a look at our own Conflux price prediction, made on June 27 2024. We’ll also examine some of the Conflux price history, and talk a little about what Conflux is and what it does.
Conflux Price Prediction
| Minimum Conflux Price Prediction | Average Conflux Price Prediction | Maximum Conflux Price Prediction | |
|---|---|---|---|
| 2024 | $0.60 | $0.70 | $0.80 |
| 2025 | $0.90 | $1.10 | $1.30 |
| 2030 | $0.3755 | $0.5785 | $3.83 |
Conflux Price Prediction 2024
If CFX has ended a multi-year correction, it should start a new bull phase, leading to a new yearly high. This move is expected to have stronger momentum, leading to some Fibonacci extension levels.
Conflux Price Prediction 2025
If the CFX confirms its bull cycle, one more high would be expected for 2025. Its target depends on the ending point of the previous high, but at its optimal point, it could reach $1.
Conflux Price Prediction 2030
CFX would be expected to end its bull cycle in 2025 and begin a bear one that could last for three years, as with most altcoin price cycles. If this happens, by the time 2030 comes CFX could be in its next bull phase, regaining some of its values from the previous bull cycle.
Conflux Price Analysis
After reaching an all-time high of $2 in March 2021, Conflux entered a bear cycle, hitting a low of $0.02 in December 2022, a 99% drop.
In January 2023, CFX began its first uptrend following a multi-year correction, recovering 2,100% and peaking at nearly $0.50 in March 2023. However, it reversed, falling to $0.10 by October 21, 2023.
Its next uptrend ended at a slightly higher high of $0.55 on March 24, 2024, before another sharp downturn to $0.14 at the end of June. This makes a probable count in which we saw a major correction from last year’s March peak, as the ABC of a lower degree count.
The current June low is slightly higher than in October last year, which usually occurs when the B wave gets extended above wave A’s starting point in an expanded flat correction. There is a strong chance that this correction ended at its recent low of $0.14, with technical indicators RSI and MACD providing indication.
The daily chart RSI fell to its oversold zone at 29% while MACD made a positive cross on its moving averages, with the first green bar on the oscillator. A similar context was seen around April 13, after which the price proceeded downward to another low, a sign of caution.
But if this decline from March ends, we can anticipate a new larger uptrend, potentially wave three. If this happens, CFX will set a new yearly high above $0.80 in 2024 and continue for one more in 2025, going back to $1.
Conflux Price Performance Comparisons
How Do We Make a Conflux Price Prediction?
Our price prediction for Conflux combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases. Applied to the CFX-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between
Conflux Price History
Let’s now take a look at some of the key dates in the Conflux price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Conflux price prediction.
| Time Period | Conflux Price |
|---|---|
| Last week (June 20 2024) | $0.1528 |
| Last month (May 27 2024) | $0.2291 |
| Three months ago (March 27 2024) | $0.5185 |
| One year ago (June 27 2023) | $0.2332 |
| Launch price (November 11 2020) | $0.0825 |
| All-time high (March 27 2021) | $1.70 |
| All-time low (January 1 2023) | $0.02191 |
Who Owns the Most Conflux?
One wallet held more than 35% of the Conflux supply as of June 27, 2024.
Richest CFX Wallet Addresses
On June 27, 2024, the five wallets with the most Conflux were
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 400,000,000 CFX, or 37.24% of the supply.
- 0x5a52e96bacdabb82fd05763e25335261b270efcb. This wallet also held 115,397,433 CFX, or 10.74% of the supply.
- 0xc9c283d889680c14987e8fa818615c00d73cea06. This wallet held 42,500,000 CFX, or 3.96% of the supply.
- 0x8894e0a0c962cb723c1976a4421c95949be2d4e3. This wallet held 38,808,634 CFX, or 3.61% of the supply.
- 0xa371055806ca53402cd783a73ecb6ba9dafa3879. This wallet held 38,087,110 CFX, or 3.55% of the supply.
Conflux Supply and Distribution Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 5,014,936,591 |
| Circulating supply (as of June 27, 2024) | 4,139,936,576 (82.55% of total supply) |
| Holder distribution | Top 10 holders own 69.94% of maximum supply as of June 27, 2024 |
From the Whitepaper
In its technical documentation, or whitepaper , Conflux says blockchains are based on economics as much as they are based on technology.
It says: “Conflux offers several innovations relative to well-understood blockchain networks such as Bitcoin and Ethereum, both in terms of technology design but also in terms of the economics that underpin the technology. Most notably, a major difference in Conflux when compared to the status-quo is that processing of blocks occurs in parallel rather than serially, and users who commit code or information to the blockchain face ongoing costs and/or benefits for the duration they occupy chain space.”
Conflux (CFX) Explained
The Conflux blockchain is designed to be quick and save people money.
Chinese crypto entrepreneurs Fan Long, YuanJie Zhang and Ming Wu founded Conflux in 2018. The CFX crypto started terading on theopen market in November 2020. It is fully compliant with China’s notoriously strict crypto regulations.
The system was chosen by Shanghai city authorities to help create a central bank digital currency (CBDC), based on the Chinese Yuan.
Conflux is supported by its native token, which goes by the ticker handle of CFX.
How Conflux Works
The Conflux blockchain uses something called a tree-graph system, with blocks split into different branches linked to a parent block. This, at least in theory, allows it to be faster and less vulnerable to slowing down than traditionally-structured chains.
Conflux uses a hybrid of Proof-of-Work (PoW) and Proof-of-Stake to secure itself. This means that people can solve increasingly complex mathematical equations to add blocks to the blockchain, or they can be selected based on how much CFX they hold.
The PoS element to Conflux allows people to build decentralized applications (DApps) on the blockchain.
CFX rewards people who add blocks to the blockchain, as well as paying the system’s fees. Meanwhile, holders can vote on changes to the network. People can also buy, sell, and trade the coin on exchanges.
Is Conflux a Good Investment?
It is hard to say. While the blockchain does have the advantage of being able to operate under China’s notoriously strict regime, it has not been immune to overall market movements.
Furthermore, the crypto has been struggling recently and we don’t know what, if anything, can be done to get it moving upwards again.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in CFX.
Will Conflux go up or down?
No one can really tell right now. While the Conflux crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Conflux?
Before you decide whether or not to invest in Conflux, you will have to do your own research, not only on CFX, but on other, similar, coins and tokens such as COTI. Either way, you should make sure that you never invest more money than you can afford to lose.
Conflux Attention Tracker
FAQs
Will Conflux reach $5?
It might do, but it may not be for some time yet. PricePrediction.net has it reach that target in 2032.
It is worth pointing out that the highest CFX has ever traded at is $1.70, which it reached in late March 2021.
What is Conflux used for?
CFX rewards people who add blocks to the CFX blockchain. Holders can vote on changes to the platform, and CFX also pays the system’s fees. People can also buy, sell, and trade it on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
