CFX price is trading near the make-or-break zone of $0.2200, which is the resistance mark, and a pullback from the 50-day EMA was witnessed in the recent sessions. Moreover, the bulls are regaining strength and are looking to escape the region to initiate a breakout above the crucial hurdle. However, buyers need adequate strength to surpass the zone where sellers are maintaining their grip.
CFX price is trading above the key moving averages and formed higher high swings over the past number of sessions. Moreover, the follow-on buying momentum was witnessed, and Conflux price persisted in stretching the up move and continued to accelerate by taking support from the 20-day EMA mark. Additionally, a pullback from the round mark of $0.1800 and a golden crossover is depicted in the recent sessions.
The live price of the Conflux (CFX) token is $0.2099, with an intraday gain of 4.02%, showing bullishness on the chart. Moreover, the trading volume increased by 9.78% to $129.92 million. However, the pair of CFX/BTC is at 0.00000463 BTC, and the market cap is $229.31 Million. Analysts have maintained a bullish rating, suggesting the SOL price will continue to surge in the following sessions.
CFX on Daily Chart Displays a Pullback
On the daily chart, CFX price showcased a trend reversal from the bottom mark of $0.1000 and switched the gains sharply. Furthermore, buyers are leading a rebound, which surged over 45% in the recent sessions. Per the Fibonacci retracement levels, CFX price has sustained gains above the 38.2% gains and is close to the 50% zone.
The relative strength index (RSI) curve stayed above the midline near 65, showing a negative crossover. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting an optimistic outlook for the following sessions.
Weekly Chart Reflects Roller Coaster Moves
On the weekly chart, CFX price faced volatility, exhibited a roller coaster move, and hovered below neutrality for the past sessions. Recently, the correction has ended, and fresh buying momentum has been witnessed. If bulls succeed to surpass the immediate hurdle of $0.2200, a sharp bounce will be anticipated and CFX price may reach $0.2500 soon.
Summary
Conflux (CFX) token price has reverted sharply from the bottom and decisively sustains gains above $0.2000. Furthermore, the buyers have retained their strength and are looking aggressive, setting their eyesight to catch the upside swing mark of $0.2500 soon.
Technical Levels
Support Levels: $0.2000 and $0.1800
Resistance Levels: $0.2200 and $0.2450
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
Source: https://www.thecoinrepublic.com/2024/01/03/cfx-price-prediction-will-conflux-punch-through-the-0-220-bar/