CFX Price At Crossroads: Can Bulls Ignite A Short Term Rally?

CFX price displays promising short term bullish signals as it successfully breached the downward sloping trendline barrier. Conflux (CFX) currently rests above the 20 day and 50 day EMA cluster and is trying to overcome the 100 day EMA resistance zone, close to $0.1600.

It formed a double bottom pattern and seeks to register a breakout above the $0.1800 mark. While the pattern is intact, significant buying interest was shown with the follow-on buying activity. Over the last seven days, CFX price has surged over 20% and aims to exceed the gains.

Notably, the trading volume surge favors the bullish stance. Despite recent struggles in its price trend over the past few weeks, Conflux price has managed to climb back above the $0.1300 mark. It is now challenging the monthly resistance hurdle of $0.1600 and looking for a potential surge in the coming sessions.

CFX Price Prediction: Signs Suggest CFX to Turn Bullish?

The daily chart gives a bullish outlook as most technical indicators showed positive readings. After generating a bullish divergence, the Relative Strength Index (RSI) line moved toward the overbought zone, at 60, signaling the bullish reversal and a surge in buying pressure.

CFX price was trading at $0.1586 at press time, with a rise of over 6.56% along with a 56% surge in the trading volume over the last 24 hours. Its market cap surged to $168.99 Million and had a circulating supply of 1.07 Billion.

Crypto trader @Umer highlighted CFX’s double bottom formation and how it escaped its trendline hurdle. It is set for an upswing and could continue gain.

For the past three months, CFX crypto has been corrected by over 40%, reaching the 52 week support region of $0.1050. Per the technical indicators, the Chaikin Money Flow (CMF) reading showed a high inflow in the market, as it spiked above the zero line, at 0.22.

Technical Indicators Data | Source: Coinalyze

Furthermore, the MACD indicator conveys a bullish crossover and plotted green bars on the histogram, signifying the rising buying pressure. The Awesome Oscillator (AO) has flipped positive this week, showing the buyers have gained strength.

Futures Market Data Reflects Positive Sentiment

Over the last seven days, the OI-weighted funding rate stayed positive, which underlined the bullish sentiment. It stands around 0.0096% at press time. A positive funding rate means an increased demand for long positions, hence the price rise.

Source: Coinglass

Additionally, the Open Interest also surged alongside with price, replicating the buyer accumulation. Over the last 24 hours, the OI has risen over 18% to $47.29 Million, conveying a long buildup activity.

The immediate support zones were around $0.1400 and $0.1320, whereas the resistance levels were around $0.1680 and $0.1800.