Will CFX Skip Consolidation in Jan 2024?

Conflux price prediction suggests a sharp one directional move is likely on the CFX token chart. However, the move can be either in the upward or in a downward direction. 

In the beginning of December, CSPR price shot up 33% in a single day. It created a hope for a massive breakout and grabbed the attention of the new participants. Sadly, bulls lost the momentum near $0.2296 and failed to give the follow up momentum. 

Later, slowly CFX price reverted down and retraced back to the 50 day EMA. Luckily, buyers are active near the EMA and succeeded in halting the downfall. However, the price did not bounce back and went into a consolidation phase.

Conflux price is above the 50 day and 200 day EMAs showcasing an uptrend. But, until buyers succeed in breaking out of the $0.2000 hurdle, the price will lack momentum. 

Buyers and sellers both are successfully defending their respective boundaries. However, the buyers look more active, implying that the selling pressure is getting absorbed. Therefore, investors should consider playing bullish bets in the direction of a trend to keep the probability of winning high.

Will Bulls Win the Battle Inside Consolidation?

Conflux price pattern does not show any clear direction. Buyers are defending the December month low and trying their best to rebound. 

However, to regain the confidence of investors and increase the investors participation. They need to take control over the $0.2296 level. Until then, new traders and investors will hesitate to build fresh longs. 

Till the CFX price trades above the 50 day and 200 day EMAs, the buyers will dominate. Moreover, the high winning probability of bulls will remain high. Therefore, it could pay to play long and stay with the trend.

CFX Price Needs Participation of Big Players

CFX price needs more buyers or the participation of big players to break the higher ranges. The bears will not step back until buyers become capable of absorbing the high selling volume.. 

The upcoming move is expected to be in the upward direction if speculators as well as genuine investors come forward and participate. 

Conclusion

Conflux price prediction suggests bulls might win the battle and the price may show a sharp rise. The analysis suggests, till price sustains above the 50 day EMA, the probability of skipping the consolidation remains high. 

Technical Levels

• Resistance Levels: $0.2296 and $0.2600
• Support Levels: $0.1694 and $0.1400

Disclaimer

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

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.