Conflux (CFX), currently stands at a significant resistance level; its 20-day exponential moving average (EMA). After an 11.22% surge on July 12, whereby it reached the Fib 0.236 level of $0.2096, it has now stalled, signaling potential market weakness. The 20-day EMA standing at $0.1996, higher than the current price, suggests it is acting as a resistance, urging the CFX price to retreat. A rally might be lying around the corner, however, if the price can consolidate around the 20-day EMA and break through that point.
However, at present, the trading volume has decreased by 23.37%, drawing back the prospect of such a rally. The current RSI at 46.29 suggests an ongoing bearish momentum, backed by selling pressure in the market. The Moving Average Convergence Divergence (MACD) histogram also indicates a struggle into the bullish realm. If the MACD crosses above the signal line, there could potentially be a bullish reversal.
As the CFX price entails further downward movements, traders need to look out for signs of a reversal as the price approaches the robust horizontal support area between $0.1708 to $0.1761. The market cap, however, has decreased by 1.60% today, and the 20-day EMA acting as a strong resistance indicates a tough journey northward. The indicators mentioned will be key in determining the immediate trajectory of Conflux.
From Conflux, we enter into a realm of light-heartedness, as the crypto market welcomes a new addition, the Mr. Hankey Coin. This freshly-minted meme coin, inspired by its eponymous South Park character, offers a uniquely entertaining investment opportunity. It sets itself apart from most cryptocurrencies with a funny approach, which appears to be its selling proposition. The coin’s presale valuation is pegged at a humble $1.25M, with an expected raise of about $500,000 via a sale of 40% of its 1 billion token supply.
A meme coin’s success is strongly tied to its community of supporters, and Mr. Hankey Coin seems to understand this well. To ensure a frictionless trading environment, it devotes 40% of its supply to decentralized exchange (DEX) liquidity to prevent inefficient trades and substantial losses due to price slippage. By locking liquidity, it also assures investors of its commitment to protecting them and maintaining transparency, a rarity in the meme coin territory. These steps seem to be its ticket to standing out amongst other meme coins and possibly thriving in the highly competitive cryptocurrency market.
In the hands of a proactive marketing team, with association with other successful crypto projects and mentions across popular crypto news outlets, Mr. Hankey Coin seems to have a promising future. The extensive social media growth might potentially catapult the $HANKEY coin into the trending coins list upon its launch.
Source: Cryptonews
