Correction Over; Time for Reversal?
Conflux price prediction says that buyers are returning back to the track and a massive breakout may be visible soon.
CFX price rose 34% in October and reversed the short-term trend in the upward direction. However, the price failed to give the follow-up momentum and got stuck in a narrow range of consolidation.
Conflux price sustained above the 50-day EMA; indicating mild bullishness. But until buyers succeed in breaking out of the $0.1967 hurdle the confirmation of the trend reversal is awaited.
In October, CFX crypto witnessed a sudden rise in buying volume, and the price shot up 34.42% in a single day. It indicates that some crypto whales might have injected the money and accumulated CFX at a cheap price.
The price is still holding the previous gains and trying to break out of the August 2023 high. The chart pattern of the CFX/USDT shows bulls are active and any short-term retracement will be easily bought up.
At the time of writing, CFX is trading at $0.1565 with a one-day decrease of -0.70%. The 24-hour trading volume is down by 10% and the volume to market cap is 4.86%.
Is Conflux Price Getting Ready For A Massive Breakout?
Conflux price prediction suggests new swing highs may be visible in the coming months. Buyers need to push the price above the $0.1967 hurdle to break the chain of lower lows swings. It will also attract more investors and fuel the further rally.
Till the CFX price is sustained above the $0.1400 level, the bulls will remain active and absorb the short-term sell-off.
The possibility of the $0.1967 breakout will increase when buyers succeed in holding the price above the 200-day EMA. Till then, the price is expected to continue the consolidation in an existing range.
CFX Price Looks Bearish in the Weekly Time Frame
CFX price looks bearish in the weekly time frame chart and sellers are trying to defend the supply zone.
However, in the last three weeks, Conflux crypto has performed well and showed a decent bounce. Therefore, buyers are also active and it will be not easy for bears to pull the price down.
On a daily chart, the supertrend says till the price sustains above the $0.1318 level, the short-term trend will remain up. The RSI stands at 51 denotes neutral territory and an equal level of tug-of-war between buyers and sellers.
The MACD curve is near the zero line and sloping sideways; indicating more consolidation is possible.
Conclusion
Conflux price prediction suggests buyers are active and a significant rise in CFX is possible in the coming months.
The recent upmove in CFX price shows that the correction has taken a halt and the time for reversal has arrived. Therefore, investors can buy CFX tokens as they are likely to generate nominal returns.
Technical Levels
- Resistance Levels: $0.1967 and $0.2801
- Support Levels: $0.1200 and $0.0992
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
