Will CFX Crypto Skip Consolidation?

Conflux price prediction demonstrates that CFX crypto is sideways in the horizontal range-bound area over the daily time frame chart in the short term. The long-term trend shows that the CFX price has been continuously declining, losing the gains.

The daily chart shows that the price is in a continuous declining trend after a short-term surge in January 2023. Since then, the price has wiped out more than 50% of its value but is still continuing with the movement. The CFX crypto has been following a channel pattern and declining continuously suffering multiple rejections from the upper levels.

Recently, the price dropped below the 50 EMA after a consolidation indicating the dominance of the sellers at the upper levels. The daily chart shows a death crossover indicating continuous selling prevailing in the market. The crypto must accumulate buyers in order to gain the uptrend momentum and break out of its correction phase.

Conflux is a platform that lets developers build dApps that can work with other blockchains. It uses ShuttleFlow, a bridge that connects Conflux to networks like Ethereum, BSC, Huobi, and OKEx. Conflux provides a secure, scalable, and decentralized network that follows the rules and meets the needs of the crypto community. Developers can create dApps that are fast, flexible, and free from censorship.

Conflux Price Prediction Using Price Action Strategy

The CFX price currently trades at 0.11 with a drop of 1.96% in the last 24 hours. The price is moving in a channel pattern and facing resistance from the upper levels. The short-term outlook of the price trend indicates that the price may stay bearish as long as it is in the channel. The long-term trend is also bearish which shows weakness on the charts.

However, the breakout of the channel may give some hope for buyers to join the game. It needs the price to stabilize at the lower levels and show bullishness over the charts.

CFX Price Forecast From Indicators’ Point of View

As per the EMA analysis, the CFX price could not sustain above the 50 and 200-day EMA indicating the weakness on the charts.

MACD lines have made a bearish crossover. Histogram bars are also being formed below the mean line with increasing height; indicating the dominance of sellers in the market.

Conclusion

Conflux is a platform for dApps that can connect to other blockchains. The CFX price has been falling since January 2023 and is in a channel pattern. The price is below the 50 EMA and shows a death crossover, indicating bearishness. The price may remain bearish until it breaks out of the channel. The price needs to show bullishness at the lower levels to attract buyers. The CFX price trades at 0.11 with a drop of 1.96% in the last 24 hours.

Technical Levels

Support levels: $0.118 and $0.07
Resistance levels: $0.138 and $0.173

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing