Is Conflux Going to Zero? CFX Price Plummets 9.2% as Viral New Meme Coin Secures $600,000 – Next Shiba Inu?
The Conflux price has fallen by 3% in the past 24 hours, with its drop to $0.103716 marking a concerning 9% loss in a week.
CFX has been on something of a downward spiral for the past few months, with the altcoin – the native token of the Chinese layer-one blockchain network Conflux – sitting on a 21% decline in the past fortnight and a 77.5% loss since March, when Conflux announced a partnership with China Telecom.
It seems that investors have become increasingly disinterested with CFX, which continues to decline despite selling at prices that have been steeply discounted in relation to where it was earlier in the year.
Yet while the market appears to have turned away from CFX, other promising altcoins are emerging, with the increasingly viral Meme Kombat (MK) raising more than $600,000 in its presale.
Is Conflux Going to Zero? CFX Price Plummets 9.2% as Viral New Meme Coin Secures $600,000 – Next Shiba Inu?
CFX's indicators all signal a coin that has been sold heavily for quite some time, with its relative strength index (purple) falling below 30 in the past couple of days, and only just beginning to inch back up.
Perhaps more seriously, the coin's 30-day exponential moving average (yellow) continues to slide even further below its 200-day average (blue), which again suggests that it's being severely oversold.
Normally, a 30-day average and RSI in these positions would indicate that an asset is due to rebound soon, yet in CFX's particular case it could be argued that a recovery isn't likely to arrive in the near future.
Indeed, its medium-term support level (green) has been falling consistently ever since the middle of August, meaning that further losses are entirely possible.
It will therefore be instructive to see whether its current support of around $0.1030 holds up, because if it doesn't more pain could be forthcoming.
Numerous analysts and traders also believe that CFX is likely to lose even more value before recovering, forcing traders to look elsewhere if they want to buy into a coin with good chances for gains in the coming weeks.
Luckily, there are several promising new alts in the market right now, with presale tokens proving especially lucrative this year.
One of the best examples of a presale coin at the moment is Meme Kombat (MK), an Ethereum-based platform that has raised close to $600,000 since launching its sale a few weeks ago.
What's interesting about Meme Kombat is that its platform will stage AI-generated battles between popular meme characters, with users able to place bets against each on the outcome of these battles.
Rewards will be paid out in the form of Meme Kombat's MK token, which will have a total max supply of 120 million tokens, of which 50% can be purchased through the ongoing presale.
Another 30% of the total supply has been reserved for battle and staking rewards, with the ability to stake MK making it profitable in more than one way.
Yet it's also Meme Kombat's playful use of memes that will help market its platform and attract new users, with its success in raising over half a million dollars so quickly suggesting that its strategy is already proving successful.
New investors can get involved in its presale by going to Meme Kombat's official website, where 1 MK costs $0.1667.
It will keep to this price for the entire sale, which is due to end in the next couple of months, at which point the token will list on exchanges and potentially surge.
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.
A quick 3min read about today's crypto news!
