Schlagwort: blockchain analysis

Key takeaways

• CFX is down 2% in the last 24 hours and risks dropping below $0.20 soon.
• The coin rallied to a high of $0.27 last week amid growing adoption buzz in China.

CFX dips 2% after outperforming the market

CFX, the native coin of the Coinflux blockchain, is underperforming despite the broader crypto market rallying over the last few hours. The coin has lost nearly 2% of its value in the last 24 hours and risks dropping below $0.20 soon.

This poor performance comes after the coin rallied by 14% last week, hitting a high of $0.27. Its rally comes as analysts predict the coin’s adoption in China as the country warms up to stablecoins.

Reports suggest that Conflux is prepping an offshore-yuan stablecoin, which could make it one of the first stablecoin projects in China. The buzz contributed to CFX adding over 190% to its value over the last 30days.

While CFX has performed excellently over the last few weeks, the coin is still 87% down from the all-time high of $1.70 it achieved four years ago. 

CFX could drop below $0.20 soon

The CFX/USD 4-hour chart is bullish and efficient, as CFX has been performing excellently over the last few weeks. However, the coin could undergo further correction before rallying higher.

The technical indicators remain bullish, suggesting that buyers are in control. The RSI of 52 shows a fading bullish momentum, while the MACD lines are also approaching the neutral zone.

At press time, CFX is trading at $0.2097. If the correction persists, CFX could retest the Inducement Liquidity (ILQ) at $0.159 in the coming hours or days. Failure to defend this level could see CFX drop to the major support level at $0.102.

However, the CFX/USD pair is bullish and could resume its rally soon. If the bullish momentum returns, CFX could take out last week’s high of $0.2789 before hitting the $0.30 mark for the first time since April 2024.

The post Coinflux could drop below $0.20 after its 14% rally last week; Check forecast appeared first on CoinJournal.

Key takeaways

• Ether dropped below the $3,400 level over the weekend as the broader market underperformed.
• The coin is now trading above $3,500 and could rally towards the $3,700 level soon.

Ether rebounds from the weekend’s sell-off

Ether, similar to the broader cryptocurrency market, underperformed last week. The second-largest cryptocurrency by market cap lost 8% of its value over the last seven days and hit a low of $3,359 on Saturday.

The poor performance was caused by several macroeconomic factors. The Federal Reserve kept interest rates the same while the Fed Chair suggested that there is no certainty over a September rate cut.

The Nonfarm Payroll also came out poorly, indicating that the US economy was growing at a much slower rate than expected. Finally, the market reacted negatively amid new tariff discussions.

The macroeconomic factors saw over $200 million in outflow for Ethereum ETFs, resulting in Ether dropping below the $3,400 mark. 

However, the market is currently in a correction and could surge higher if conditions remain positive. 

ETH targets the $3,700 resistance level

The ETH/USD 4-hour chart is bearish and efficient after Ethereum price closed below its daily support level of $3,730 over the weekend. The recovery above $3,500 shows that Ether found support around its 78.6% Fibonacci retracement level at $3,392. At the time of writing, it continues its recovery, trading above $3,500.

The technical indicators are currently rebounding from the weekend’s low. The RSI on the 4-hour chart reads 49 after bouncing off the neutral level of 50 on Saturday and points upwards, indicating bullish momentum gaining traction. The MACD lines are also set to cross into bullish territory soon. 

If ETH continues its recovery, it could extend the rally and reclaim the $3,730 resistance point. An extended bullish movement would allow Ether to surge towards the monthly high of $3,931. 

On the other hand, if ETH faces a correction, it could dip further and retest the key support at $3,170. The support level around $3,300 is currently being protected by the bulls.

The post Ethereum price prediction: Ether rebounds above $3,500, targets $3,900 appeared first on CoinJournal.

• CMF at 0.15 signals tentative bullish inflows.
• July 11 saw 220 million XRP hit exchanges; inflows muted since.
• Ascending triangle suggests breakout possible above $3.24.

The XRP price is trading in a narrow band after reaching a monthly high of $3.65 earlier in July. It has since declined by nearly 14% to about $3.09, showing only a modest 5% weekly gain.

However, market indicators and blockchain data now point to a potential reversal. Large wallets are showing signs of quiet accumulation, while exchange inflows remain low.

This combination has created an environment where even moderate buying activity could trigger a breakout if the right conditions align.

CMF indicator shows hidden demand building under $3.24

From 20 to 26 July, the Chaikin Money Flow (CMF) indicator showed a higher low, despite the XRP price declining from $3.60 to $3.09.

This bullish divergence suggests that institutional players or large holders have been steadily accumulating XRP during the pullback.

Currently, the CMF hovers around 0.15. For a stronger move to the upside, the indicator would need to rise further and break its previous high, confirming a surge in positive money flow.

Unlike trend-following indicators, CMF evaluates momentum based on price and volume. Its current behaviour indicates inflows are outweighing outflows, but just barely.

The signal remains tentative, not yet strong enough to confirm a breakout.

A decisive CMF shift above 0.20 could be a leading signal for a more aggressive price advance toward the recent high of $3.65.

XRP inflows to exchanges remain low after July 11 spike

On-chain data reveals subdued XRP activity on centralised exchanges, supporting the case for lower near-term sell pressure.

After a one-time spike on 11 July, when over 220 million XRP were deposited onto trading platforms, inflows have remained low.

By 29 July, the daily exchange inflow had dropped to just 9.7 million XRP, even as the price hovered around $3.12.

Low inflows typically suggest that large holders are not preparing to sell. In effect, this reduces available supply, giving any future demand more impact.

This trend, when combined with the rising CMF, points to a potential supply-demand shift in favour of buyers.

XRP charts reveal ascending triangle near key support zone

The 2-day XRP chart shows an ascending triangle pattern forming just below the $3.24 resistance line.

This is a bullish formation where price builds higher lows against a flat top, indicating accumulation pressure.

The structure suggests traders are increasingly willing to buy on dips, reinforcing the likelihood of an upward breakout if resistance is cleared convincingly.

Fibonacci levels place immediate support between $2.95 and $2.99. If XRP holds above this zone and breaks through $3.24, the next potential target is the recent high of $3.65.

A successful breakout above $3.65 would likely push the asset into price discovery, where historical resistance is limited.

However, any close below the $2.95-$2.99 support could invalidate the bullish outlook and force a reassessment.

For now, technical momentum and on-chain flows remain neutral to slightly bullish.

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Key takeaways

• ATOM is up by less than 1% as the bearish momentum accelerates.
• The coin could drop below $4 soon if the bearish trend continues.

Crypto Market Remains Volatile

The cryptocurrency market has been extremely volatile over the last 24 hours, primarily fueled by the FOMC meeting on Wednesday. The Fed kept its interest rate unchanged, causing a widespread dip in the crypto market.

The news saw ATOM, the native coin of the Cosmos blockchain, temporarily decline to the $4.2 mark. At press time, the price of ATOM stands at $4.49 and risks dropping $4 if the bearish trend grows stronger.

ATOM’s recent poor performance comes despite positive ecosystem developments within the Cosmos ecosystem. Cosmos recently reached 100 live chains and is progressing XRP integration via the Cosmos SDK and IBC.

With multiple supports breaking and sellers firmly in control, the path of least resistance remains downward.

ATOM could drop below $4 soon as sellers remain in control

The ATOM/USD 4-hour chart remains bearish and efficient as sellers remain in control. The technical indicators are also flashing bearish, suggesting a heavy selling pressure on the cryptocurrency.

The RSI of 43 shows that ATOM is within the negative range and could record further losses if the momentum remains unchanged. The MACD lines are also within the bearish zone, indicating selling pressure.

If the market conditions persist, ATOM could drop to the $3.9 support level formed earlier this month. An extended bearish run would see ATOM hit the $3.5 level for the first time since June.

However, market conditions remain volatile and could see ATOM rally higher in the near term. If the market conditions turn bullish, ATOM could surge above Monday’s high of $4.88. However, it would need the help of the broader crypto market to surge above the weekly high of $5.3.

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