- Conflux Price up 14% on a weekly basis and it defends $0.2500 support.
- CFX Price sustains above 50 and 200 day EMA showcase uptrend.
- CFX crypto price forming a bullish continuation pattern.
Conflux Price up 14% on a weekly basis and rising upward by forming a bullish continuation pattern. It defended $0.2500 support and showed signs of bullish trend reversal.
CFX price sustains above the 200 day EMA and also succeeds to push the price above the 50 day EMA showcase uptrend. Therefore, any short term correction will have a high probability of bouncing from the support.
The trading volume in Conflux crypto is in a declining phase indicates prices might lack the momentum on higher levels. From the past couple of weeks, CFX crypto price is consolidating in the wide range between $0.2500 to $0.4877.
Buyers tried multiple times to break the higher range but got rejected shows sellers are active in the supply zone.
Conflux Price is trading at $0.3399 with an intraday rise of 5.49%. The 24 hour volume to market cap ratio is 0.06. The pair of CFX/BTC is trading at 0.00001238 with an intraday rise of 3.59%. The chart pattern of CFX with the Bitcoin pair is quite similar to the USDT pair. It shows buyers are active on both the pairs and bulls returning back to track.
Will Conflux price test the previous high?
Conflux price performed well in the past few months and generated decent returns for the long term investors. At the mid of march, it took support near $0.1500 and price gained positive momentum.
Later, prices rallied 240% approx in a short span of time. It hit a swing high at $0.4877 and witnessed minor profit booking. Presently, CFX Price is near to the crucial support and buyers are trying to test the previous swing high.
If CFX crypto price continues to rise and holds the 50 day EMA then more upward momentum is possible. On the other hand, if the price hurdle and lack the momentum then it is likely to consolidate in a range for some more time. Till price holds $0.2000 support, the prices are likely to trade with a bullish bias.
Bullish hammer candle in CFX crypto reliable
CFX crypto price formed a bullish hammer candle on a weekly time frame showing buyers are active near support. The market leader Bitcoin and Ethereum price is on a recovery mode. If it continues to recover then it may improve the market sentiment which might positively impact the prices of other Altcoins.
The technical indicators like MACD had displayed a positive crossover and rising histogram bars confirms the strength of bulls. The RSI at 60 sloping upward denotes strength and more upside is open.
Conclusion
Conflux Price up 14% on a weekly basis and forming a bullish continuation pattern. The prices seem to be in the bulls grip and more upward momentum is possible. The technical analysis suggests, Till CFX crypto price holds $0.2000 level any short term correction will have high probability of bounce back.
Technical levels
Resistance levels: $0.4000 and $0.5000
Support levels: $0.2000 and $0.1000
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.