Conflux (CFX) Surges to New 7-day High Amid Robust Buying Attitude
Bullishness in the Conflux (CFX) market has remained in the previous 24 hours, breaking resistance and pushing the price to a new 7-day high of $0.2528. This positive trend remained until press time, allowing the CFX price to soar by 63.06% from its low of $0.1488, demonstrating a robust purchasing attitude among investors and dealers in the CFX market.
If bullish pressure persists, the following resistance levels may be at $0.30 and $0.40, while if bearish pressure prevails, the support levels to monitor are $0.20 and $0.15. Traders and investors should have a clear exit strategy during this rise to reduce risk and maximize returns.
During the upturn, market capitalization and 24-hour trading volume increased by 63.46% and 319.54%, respectively, to $648,652,314 and $800,488,549, respectively. This rise implies a strong positive momentum and increased demand for the asset, potentially pushing the price toward the following resistance levels.
CFX/USD 1-day price chart (source: CoinMarketCap)
On the CFX price chart, the Keltner Channel bands are expanding, with the upper bar at 0.21976004 and the bottom bar at 0.15592006. This shift indicates an increase in volatility in the CFX market, so traders should watch for possible price breakouts or reversals.
If the price movement continues to rise above the top band and forms a green engulfing candlestick, this may signal the start of a bullish trend, and traders may consider increasing their holdings. This action gives traders confidence that CFX bulls can push the price over the resistance level and possibly to new highs.
With a reading of 0.01696706, the Moving Average Convergence Divergence (MACD) blue line is in the positive region, showing that bullish momentum is gathering strength and the likelihood of a trend reversal is strong. This move indicates an excellent opportunity to purchase for short-term gains.
The histogram’s reading of 0.01068911 supports this positive picture, indicating that purchasing pressure is rising and that an uptrend may be developing in the near future, making this a good time for investors to enter the market.
CFX/USD chart (Source: TradingView)
On the CFX market, the 200-day MA crossed above the 50-day MA, indicating that the short-term trend is now positive. The long-term trend is also bullish, showing traders a potential buying opportunity.
The 50-day MA reading of 0.17762144 and the 200-day MA reading of 0.21301224 support this rise; nevertheless, traders may consider utilizing stop-loss orders to prevent potential losses if the trend reverses.
With a reading of 95.67, the stochastic RSI is overbought and moving below its signal line, implying that the bullish momentum is fading and a correction is on the way. An oversold state, however, does not necessarily mean that the price will quickly reverse since it could continue to rise before seeing a downturn.
This stochastic RSI level warns traders to be cautious and wait for more confirmation before opening a short position, as the market may still have some bullish momentum.
CFX/USD chart (Source: TradingView)
Investors ride the bullish wave as CFX price skyrockets, but should remain vigilant and have a clear exit strategy.
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