Conflux price rises by over 3% in the last 24 hours as the number of short liquidations increases

Conflux price rises by over 3% in the last 24 hours as the number of short liquidations increases

The price of Conflux (CFX) is up over 3% in the last 24 hours as demand for the altcoin increases. The native token CFX is currently trading at just under $0.20, a few points above the weekly low of $0.17.

However, compared to its highest level this year, the Conflux price has fallen by around 60%. The market capitalization of this cryptocurrency is just over $600 million.

The number of short liquidations has reached a new high, data from CoinGlass shows. Over $774,000 worth of short positions were liquidated on crypto exchanges such as Binance, OKX, Bybit and Huobi. In contrast, over $287,000 worth of long positions were liquidated.

Liquidations are an important part of the crypto industry. Trading platforms close leveraged positions that cause losses. More liquidations also mean higher trading volume of the coin.

One of the reasons for the price increase could be the partnership between Conflux and BR Group, one of the largest service agencies for Web3. Although no further details were revealed, it is likely that the company is using the other firm's services for marketing purposes.

Conflux is a fast-growing Proof-of-Work (PoW) cryptocurrency designed as an alternative to popular networks such as Bitcoin and Ethereum. Their fame comes from a recent partnership with China Telecom, which uses Conflux's technology for a blockchain-enabled SIM card. However, it remains to be seen how successful the SIM card will be.

The price chart shows that CFX Coin has experienced a strong bearish trend over the past few months. The coin has fallen below the moving average lines of the last 25 and 50 days. It has also formed a descending channel pattern surrounding the current price. Trading volume has plummeted in recent months.

However, there are also positive aspects. Conflux price has formed a pattern similar to a double bottom formation at $0.1738. Therefore, a recovery of the coin cannot be ruled out. However, a fall below the support at $0.17 would refute the bullish view.

This guide explains how to buy or short sell Conflux and other altcoins. The information in this article is intended to provide an interested reader with an overview of the current status of Conflux and to provide insights into possible price developments.