Conflux [CFX] surges 40% in a day as short orders liquidate: What now?

Key Points

1. Conflux (CFX) and Tezos (XTZ) were among the top-performing altcoins, each rising approximately 40% in 24 hours.

2. CFX broke above the $0.10 zone with strong momentum, but further price surges could lead to a correction, with $0.18 identified as a major resistance level.

3. CFX's trading volume increased by 374% to $551.55 million, supported by a 109% rise in Open Interest (OI).

4. The Long/Short ratio across top exchanges was above 1, indicating dominant buying activity, with top traders particularly bullish.

5. Short liquidations in CFX exceeded $700K in one hour, while long liquidations reached nearly $1 million, showing significant leverage disparity (8X in favor of longs).