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CFX price after giving an extremely bullish rally might soon take a correction - 2
Is CFX price going to continue its up trend?
After trading under an extremely bullish uptrend the buyer’s optimism which is associated with its recent partnership with china telecom aiming to bring Web3 technology to mobile devices through the blockchain sim cards seemingly because of which the market made a bullish rally of 600%.
But the optimism seems to be coming to an end while the sellers are starting to overpower the market. According to coinglass site and other major cryptocurrency exchange platforms, the sellers are currently dominating 52 – 56% of the market which hints toward the point that buyers are not supporting the price at current levels. The recent price of CFX is $0.24 with a change in 24 hour of trading volume of -0.59%
CFX price taking a bearish correction
After the narrow convergence, the EMA’s started diverging, and as often happens after the convergence the price gave a big bullish move and the EMA’s started diverging while the 20 EMA crossed the 50 EMA and started going upwards.
Technical Analysis on ( 1 Day timeframe )
The EMA’s have recently given a golden crossover where the 20 EMA have crossed over the 200 EMA while all the other major are crossing over the 200 EMA indicating the change in ongoing trend the making of a downward curve in price indicates that price is currently taking a correction and its most recent support level is around 20 EMA while it’s major support level is near 200 EMA.
The CFX price is currently taking severe resistance from the price of $0.35 about 34% while its support is 25% below the current level around the price of $0.17 and its next support level is around the price of $0.078 which is 60% below the current price.
The RSI line is moving with the present price action confirming its strength. The RSI curve is currently taking a reversal from the overbought levels suggesting that the market is taking a bearish correction trading below the 14 SMA which is at point 74.47 while the RSI line is trading near point 64.92 points moving steadily towards the oversold levels.
Conclusion
The overall market sentiment is neutral at point 52 according to the greed and fear index provided by alternative.me, a site that measures market sentiments. Although the buyer’s sentiments regarding the CFX coin are turning bearish while the sellers are starting to overpower the market steadily.
Technical levels
Support – $0.17 and $0.078
Resistance – $0.35
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/25/cfx-price-analysis-is-the-bull-run-in-cfx-price-going-to-end/