Conflux (CFX/USD price is increasing for the second consecutive day, as investors speculate that the Federal Reserve will be more cautious in their next meetings. The stock rose to $0.2093, which is 47% higher than its lowest point last week, making it the most profitable cryptocurrency on Monday. Other coins such as Synthetix (SNX), Alchemy Pay (ACH), and Maker (MKR) have all risen over 30% in the past 24 hours.
American Jobs Data
Friday’s data showed that America had added over 300,000 jobs to the economy, indicating a strong labor market. The unemployment rate remains at 3.6%, while wage inflation is decreasing. Analysts are now speculating that the Fed will be more careful in their approach, as inflation remains elevated.
Goldman Sachs analysts predict that there will be a 0.25% rate increase this month, a decrease from the previous 0.50% that was estimated. Other major banks such as JP Morgan and ING are in agreement with this view.
It is common to see an increase in cryptocurrency prices during an active market, and this is especially true when the Fed is seen as being more hawkish. Another factor that is driving investors to coins like Conflux and Bitcoin is the assurance from American regulators that holders of Circle’s USD Coin will get their money back, following news that the company had more than $3 billion in assets.
Conflux was recently in the news after raising $10 million from DWF Labs, and has been integrated into the Chinese version of Instagram.
Conflux price prediction
TradingView CFX chart
The daily chart shows that the CFX has been in a bearish trend for the past few weeks, staying below the 61.8% Fibonacci Retracement level. The sell-off has weakened in the past two days, pushing the coin’s price above the 50% retracement level, and remaining above the 50-day exponential moving mean.
Therefore, as long as the moving average is not below 50 days, the positive outlook will remain. Buyers are aiming for the $0.25 resistance level, and if it is reached, the price will continue to rise. The bullish view will be invalidated if the price falls below $0.170.
