Conflux’s 41% Surge: Is $0.60 the Next Breakout Target or Just a Hype Trap?
A run on these shorts could fuel the price into new territories. Also, both the derivatives and spot positions were overheating, authenticating the volume size.
Source: CryptoQuant
That said, if these shorts outweigh the buys, CFX could be forced into a short-term sell. The upgrade which allows stablecoin issuance could also bring more liquidity into this market.
It could deter these shorts from changing its direction of movement, which could accelerate a move toward $0.60 and beyond.
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