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- 1 Confluxis currently trading at $0.18734327, with a dip of 0.80% in the past 24 hours.
- 2 Price rose by 2.68% in the last 7 days.
- 3 The CFX crypto is about to break a major resistance level.
Conflux (CFX) crypto has been in a strong downtrend for a long time. It lost a staggering -88.89% of its value from its all-time high of $1.70 in two years. The current price data indicates that the market is uncertain and seems bleak for CFX.
The technical chart of CFX shows a bearish trend. The price is hovering near a critical support level. A break below this level could trigger a sharp drop to the previous lows. On the other hand, a bounce from this level could signal a reversal or consolidation.
CFX investors suffered a massive 89% loss of their invested assets and have lost hope for this crypto to recover. CFX needs a strong catalyst, such as positive news, a partnership, or technological innovation, to break out of this bearish trend and create demand among buyers.
Conflux’s average trading volume for the last 24 hours is $30,623,230. It is showing a 21% increase in volume in a day. The lack of buying interest in the CFX crypto market is the primary reason behind its decreasing volume.
ConfluxTechnical Analysis
On the daily time frame, the price of Conflux(CFX) is below the 50-day and 200-day EMA. A bearish cross between the 50-day and 200-day MA has been seen on the chart. The chart signals indecisiveness and is likely to become bearish in multiple time frames.
The RSI value is currently 42.01 points. The 14 SMA line is below the middle line, around 41.26 points which shows bearish momentum in the market. The price is moving toward the overbought zone.
The MACD indicator is also in a negative zone indicating the selling pressure in price. The MACD line at -0.00791396 and signal line at -0.00908839 is above the zero line.
The super trend indicator gives a red signal, confirming the bearish mood. This implies that CFX crypto is likely to maintain its downward trend.
Summary
Conflux(CFX) crypto is facing downward pressure in the market, as it is trading below the 200 and 50 moving averages in a narrow triangle pattern. The technical chart suggests that the price may decline further if it breaches its main trendline support soon. Investors and traders should be cautious and watchful of the market trends and news before making any decisions. They should look for the optimal setup to avoid any potential losses or capture any opportunities.
Technical Levels:
- Support Level – The current support level is $0.1733.
- Resistance Level –The current resistance level is $0.22396
Disclaimer
The research given in this article is for informative and educational use only. Do not take this information as a financial or trading recommendation. Trading and investing have financial risks. Before creating any investment or trading decision, please consider your risk profile and circumstances.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
