- CFX crypto price is trading below the key moving averages, showcasing the negative sentiment.
- The Conflux price has declined by 52% since April.
CFX has shown strong bearish momentum and has lost around 52% since April. After strong selling pressure, the Conflux price was stuck in a parallel channel. This month, the price has gained 9% and is heading for the $0.2600 resistance level.
Since the beginning of 2024, the digital asset price has been bullish and gained 180% until the last week of March. The bullish trend halted near the $0.550 mark and declined further. On March 29, 2024, the buyers tried to trigger a pullback, but most investors preferred to book profit, resulting in strong selling pressure.
RSI was at 52 and marked a golden crossover with an RSI-based moving average. MACD has formed green histograms even in the consolidation phase. Overall, the technical indicators favor a bullish forecast.
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Technical Analysis of CFX Price Over Daily Timeframe
Conflux price has slipped below the key moving averages, which showcases the bearsâ strength. It has been consolidating after strong selling pressure. On a very wider time frame, the price has been rising by taking pullbacks. The price is in the pullback zone and needs a bullish trigger to surge.
Suppose the CFX crypto price triggers a breakout from the parallel channel and trading volume increases, and then buyers may become confident. Overcoming the $0.3500 hurdle may attract investors, and the price may reach a 52-week high.
On the other hand, if the digital asset price slips below the parallel channel and sustains, sellers may dominate further. Sellers can look for a new all-time low if the price starts trading below the $0.1000 hurdle.
At press time, the CFX traded at $0.230, down by 1.46% in the last 24 hours. The market capitalization was $933.53 Million, and the 24-hour trading volume is $37.64 Million.
Price vs. Social Media Activity about Conflux Crypto
The graph indicates that engagement on social media has increased in the past few days. However, its impact can be seen in the CFX crypto price.
If the interaction and information about CFX increases on social media like X, Instagram, and Telegram, then investors can be attracted to it.
Conclusion
Based on the technical analysis and market indicators, it seems that the Conflux (CFX) price is at a critical point. There are indications of potential bullish momentum, with the possibility of a significant price surge in the coming months.
However, it’s important to closely monitor the price movement, especially regarding key resistance and support levels, market sentiments, and social media activity related to Conflux.
As per the chart structure, the bullish momentum can be interrupted near the $0.250, $0.350, and $0.550 levels. The CFX price may take support on the $0.200 and $0.170 marks.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.