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- Conflux price prediction favors the bulls and suggests an uptrend to continue in coming months.
- CFX price up by about 96% on a monthly basis is forming a bullish continuation pattern.
- Conflux crypto price trading above the 50 day and 200 day EMA is showing trend in upward direction.
Conflux price prediction favors the bulls and suggests a rise in the coming months. CFX price formed a bullish continuation pattern and rose upward by forming higher high swings.
Conflux price has tried to break out of its previous high swing but it witnessed minor profit booking from the higher levels. However, CFX price is still trading above the 50 and 200 day EMA which shows that the trend is still in the upward direction.
Conflux Price is trading at $0.3824 with an intraday rise of 7.96% and the 24 hour volume to market ratio is at 0.4257. The CFX/BTC pair is trading at 0.00001343, with an intraday rise of 3.55% indicating minor correlation between the direction of both the pairs. At the beginning of March, the bears tried to break the $0.1500 support but failed and the bulls bounced back with a strong momentum. It shows that responsive buyers are highly active at the lower level and $0.1500 will act as a strong support zone for bullish traders. The prices later shot up 218% and hit a high of $0.4895. However, Conflux price saw rejection from the highs and retraced back to its previous breakout level.
Conflux Price For Fresh High Swing
Conflux price corrected 36% from the recent peak and seems to be entering the narrow range consolidation. Trading volume in the declining phase indicates that buyers lack momentum and prices might consolidate for some more time before deciding the further direction.
Technical analysis suggests that CFX price is in the bulls grip and the probability of hitting fresh high remains in favor of the bulls. On the other hand, if the price drops below the 50 day EMA, the bears might try to pull the prices further down towards the $0.1500 level.
Will CFX Price Continue to Rise ?
CFX price had performed well in the past couple of months and generated massive returns for its investors. If the overall market sentiment remains bullish, the CFX price might regain its upward momentum. Technical indicators like MACD had generated a negative crossover but the curve is reversing sideways, indicating prices might consolidate for some time. The RSI at 58 sloping upward denotes the strength of buyers and more room on the upside is open for the bulls.
Conclusion
Conflux price prediction favor the bulls and suggest a rise in the long term. CFX price has performed well in the past few months and expected to continue the upward momentum. Technical analysis suggests CFX price is in the bulls’ grip and the probability of hitting the fresh high swing remains in the favor of the bulls.
Technical levels
Resistance levels : $0.4895 and $0.6000
Support levels : $0.3000 and $0.1500
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 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.
