Promising Chinese crypto project Conflux Network (CFX) Yesterday dumped -5.4% in a hard-fought test of topside resistance – what’s going on?
Conflux exploded +467% earlier in 2023, as the so-called ‘Chinese Narrative’ swept through crypto markets following news of Hong Kong’s pivot towards digital assets.
-5 waves impulse is unfolding
-MA gives good support
-A lot of good bullish PA📈🔥#conflux #cfxusdt #elliottwave #priceaction pic.twitter.com/Lwn9xogMKa
— Paulo Ricci (@pauloricci8kk) October 30, 2023
The minor retracement moves comes as traders flip bullish in sentiment across X, noting strong posture above the 20DMA.
CFX Price Analysis: As Conflux Price Battles Resistance – Is Chinese Narrative Set for a Comeback?
As price bounces back from localised retracement, Conflux is currently trading at a market price of $0.1632 (representing a 24-hour change of +4.75%).
This comes CFX has undertaken more than 7-days of continual resistance testing at the $0.17 level, following a significant +43% pump on October 24.
Upside movements were triggered by a major channel breakout on September 14, that saw CFX price break-free from more than 5-months of downside price action.
The October 24 pump, which was fuelled by broader crypto market resurgence, coincided with a major bounce off the 20DMA (currently sat at $0.1265).
Conflux’s indicators provide some concern, with the RSI overheating substantially on October 24 and showing little sign of cooling down throughout the ongoing resistance test.
Sat high at 72.58, this suggests that CFX price might be facing a potential retracement move on the short-time frame.
However, this is contrasted with bullish sentiment from the MACD, which is currently showing minor bullish divergence at 0.0052 as price action continues to press high.
Overall, Conflux looks strong here – despite an overheating RSI – technical structure remains poised in a bullish pendant suggesting that an upside move could still be on the cards.
This leaves CFX with a localised target at $0.20 (a possible +24.22% move.
While downside risk for CFX could see it fall to 20DMA support at $0.125 (a possible -22.36% move).
This leaves Conflux Network with a short-time frame risk: reward ratio of 1.08, a reasonable entry with slightly more upside potential than downside risk.
However, in a fastest growing breakout play – the Meme Kombat presale has surged to +$850k raised – as traders rush in following the success of 9Gag’s $MEME token on Binance Launchpool.
Meme Kombat Presale Smashes $850k in Funding As Meme Coin Fever Takes Hold
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
New week. New possibilities.
Gonna be a big one for Meme Kombat as we approach $900k in presale💪 pic.twitter.com/IrItVNW1Fu
— Meme Kombat (@Meme_Kombat) October 30, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Delivering GameFi to Crypto Rivalries in Dramatic Fashion with Staking
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
