Conflux Price Prediction: Will CFX Break Consolidation?

Conflux was trading at $0.3892 with a decrease of 9.02% intraday and is consolidating between the primary and secondary resistance.

The 24-hour low for CFX was $0.3827 and the 24-hour high was $0.4313.

The Conflux Token price is above the 20-, 50-, 100-, and 200-Day EMAs.

The CFX/BTC pair was trading at 0.00001299 BTC intraday, representing a slight loss of 8.08%. The token, however, experienced a rise of 148.57% in the previous trading year under a bull market.

The CFX price has been trading close to its secondary support of 0.049 since the beginning of 2023. The token began its gradual climb at the end of January 2023, as can be seen over the daily time frame chart. However, the CFX price was able to overcome the primary support of 0.137. This was attributed to the unexpected rise in trading volume and the development of the bullish candlestick on the daily trading chart.

CFX climbed quickly after breaking the primary support. However, when a spinning top candlestick pattern with long shadows appeared below the primary resistance on the daily trading chart, sellers forced the CFX price down. But CFX price resumed its climb following the formation of the morning star candlestick pattern reaching the secondary resistance of $0.447.

The trading volume of the coin decreased by 46.77% in the last 24 hours, indicating an increase in short positions in the market by traders.

Conflux Price Technical Analysis

The Relative Strength Index (RSI) is decreasing in the overbought zone and has shown a negative crossover on the daily time frame chart, wherein the sellers are in the majority and pushing CFX downwards. This shows the strength of the current bearish trend. The current value of RSI is 54.63, which is below the average RSI value of 56.52.

The MACD and the signal line are decreasing and might show a negative crossover on the daily chart which can support RSI claims, indicating a bearish trend in the market.

Conclusion

Conflux price prediction suggests if buyers push themselves and help the CFX price in breaking out of its consolidation phase, the token may show an upward rally. The decrease in trading volume over the chart shows lack of trust among traders for the CFX token.

Furthermore, the RSI and MACD are both decreasing over the chart and show a negative crossover, indicating strength in the bearish trend. Overall, technical analysis suggests a bearish trend.

Technical Levels

Resistance Levels: $0.361 and $0.447

Support Levels:$0.137 and $0.04

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.

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