Ah, the eternal struggle of bulls and bears-Conflux has surged 10% in the last 24 hours. But alas! The price stalls at a crucial level, as if caught between two warring philosophers debating existentialism over tea ☕️.
The price action of Conflux [CFX] has danced to its own peculiar rhythm since July 19th, when it climbed above $0.10 with all the grace of an awkward poet stepping onto a stage. Since yesterday’s close, Conflux rose by about 10%, according to CoinMarketCap. A modest triumph for some, but oh, how fleeting these victories can be!
This surge, dear reader, may owe itself to two factors: the whimsical altcoin season (a carnival of speculation!) and Conflux’s ambitious plans for an offshore yuan stablecoin-a venture that seems almost… quixotic, does it not? These narratives have fueled this odd little trend while Bitcoin [BTC] and Ethereum [ETH] sit smugly on their thrones, indifferent to the chaos below.
Max Pain Levels: Where Dreams Are Liquidated 💔
According to CoinGlass, the maximum pain levels for longs and shorts were set at $0.20 and $0.23 respectively. Sellers placed orders worth more than $258K, while buyers rallied with $280K. Such numbers remind one of Dostoevsky’s characters-each side desperate, each side clinging to hope amidst despair.
These max pain levels defined the battleground where bulls and bears clashed like duelists under moonlight. Failure to defend them would lead to liquidations-and isn’t that just life in microcosm? One misstep, and you’re left picking up pieces of your shattered portfolio 😅.
Meanwhile, CryptoQuant analysis revealed that taker CVD was sell-dominant across both spot and futures markets. Retail activity heated up faster than a samovar during winter, adding yet another layer of absurdity to this bull-bear opera.
Bulls vs. Bears: An Existential Showdown 🎭
From a technical perspective, CFX showed the bulls holding their ground valiantly-but every time they advanced, the bears pushed back with equal ferocity. Since August began, this tug-of-war confined CFX within a narrow range between those cursed max pain levels. It is as though Fate herself decided to toy with traders’ emotions.
Since July 19th, CFX had risen threefold-but alas, gains dwindled to twofold by press time, settling at $0.22. Yet there was hope still; Conflux formed an inverted head-and-shoulders pattern, with the neckline aligning perfectly with short max pain. Naturally, such patterns whisper promises of bullish control. Momentum indicators agreed, pointing toward optimism with values suggesting that perhaps, just perhaps, the bulls might prevail.
If only the bulls could breach and hold above $0.23, they might march triumphantly toward $0.27. But fail to defend $0.20, and we revisit the abyssal depths of $0.18 or even $0.16. Oh, cruel irony of markets! 😩
Network Activity: A Fever Dream of Numbers 🔢
Let us pause briefly to admire the network activity. Monthly active addresses reached a high of 15.2K since August 2024, while weekly unique addresses stood at 4.7K. Trading volume soared earlier this month to an ATH of $2.62 billion before plummeting dramatically to $434 million. Ah, volatility-the spice of crypto life!
In conclusion, the bulls fight valiantly, their spirit unbroken-but let us not underestimate the bears’ relentless pushback. After all, history teaches us that no battle is ever truly won until the dust settles. And so, dear reader, place your bets wisely-or simply enjoy the spectacle from afar, popcorn in hand 🍿.
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2025-08-07 23:13