Conflux Price Continues Tumbling Despite Bullish Run! What’s Next For CFX Price?

The post Conflux Price Continues Tumbling Despite Bullish Run! What’s Next For CFX Price? appeared first on Coinpedia Fintech News

The Conflux price continues it struggle to break out of its key resistance level at $0.2297, indicating a strong liquidation point at that level. Further, the CFX coin price has jumped over 14% within the past day, making it one of the top gainers of the day.

The Conflux price traded in a closed range for a while, following which it recorded a jump of approximately 13% in valuation. After facing rejection at $0.2199, the market lost momentum and the token experienced a drop of 20%.

Following this, the price traded in a consolidated range between $0.1665 and $0.1845 for a while. They attempted to break out of the range but the price faced rejection at $0.1950, resulting in a pullback within the range.

TradingView: CFX/USDT

After multiple attempts, the bulls successfully broke out of the range, but the rally was short-lived as the price faced repeated rejection at $0.1950. As the market volatility grew, the CFX price jumped over 17%, after which the price faced rejection at $0.2297.

Following this, the price experienced a trend reversal, resulting in it erasing all its gains and further recording a loss of approximately 5% in valuation. After this, the price traded between $0.1760 and $0.1950 for over a week, indicating a mixed sentiment in the market.

The price tested its low of $0.1760, following which the Conflux token has been constantly on the rise, indicating a bullish momentum in the crypto space. The CFX token is currently trading between $0.2199 and $0.2297, of which the outcome is unpredictable. 

Will CFX Price Rise Back Up?

The technical indicator, MACD, displays a significant rise in the green histogram, indicating an ongoing massive price action in the market. Moreover, the averages sharply rise, suggesting a bullish influence on the coin.

If the bulls hold the price above the support level of $0.2199, the Conflux price will test its resistance level of $0.2297 soon. Further, if the market holds the price at that level, the CFX coin will prepare to test its upper resistance level of $0.2401 in the coming time.

Negatively, if a trend reversal occurs, the CFX coin will lose momentum and fall to test its support level of $0.2112. Moreover, if the bears continue to hold power over the bulls, it will plunge and prepare to test its lower support level of $0.2033.