Conflux Price Rally Gains Steam with $0.25 Resistance Battle Ahead
- Conflux (CFX) price has surged by almost 8% in the last 24 hours, suggesting bullishness.
- CFX price took a powerful comeback from the 50-day EMA mark.
Conflux (CFX) has become one of the best performers in the crypto sector after months of horizontal consolidation, with an 8% increase in a single day, as per CMC data. The recent breakout of the token out of a long period of accumulation has drawn the interest of technical traders, with CFX currently at a pivotal point that may determine its direction over the next few weeks. As key resistance areas on the sight and momentum indicators have regained their strength, the question arises, can the bulls continue this resurgence and move to new highs?
The price structure shows that there is a definite consolidation period during April-July, with CFX trading within a tight range of $0.05 to $0.10. This lateral build-up gave a strong base to the explosive breakout that followed in late July, as the token shot up into the air, reaching highs of close to $0.25. This breakout is a typical accumulation-to-markup transition that tends to initiate the continuation of bullish trends.
What Next For Conflux (CFX) Price?
At present, CFX is trading above two important exponential moving averages. The immediate support is offered by the 50-day EMA at $0.170, and the technical support is further presented by the 200-day EMA at $0.132. The fact that the price is trading above both EMAs shows that the bulls have managed to turn the intermediate-term trend in their favour.
The RSI reading of 55 presents an optimal technical environment. This mid-range momentum value indicates that there is a lot of potential to be used before it can be overbought. The recent 8% increase in the last 24 hours indicates a new buying interest, but the RSI is still far below the 70 mark that usually indicates too much bullish excitement.
The MACD indicator exhibits positive divergence with positive momentum, whereas the sentiment analysis indicates a significant change from the negative territory to a neutral one. This position implies that there is a power beneath the surface.
The level of critical resistance is at the level of $0.25. A break over this psychological level may lead to the next leg of the bullish rally, which may be the range of $0.30-$0.35. According to the projections of market analysts, CFX may hit highs of $0.35 in 2025; thus, the current levels may be appealing for position building.
The supportive EMAs, healthy RSI levels and the recent breakout momentum are all indications that Conflux bulls are actually trying to make a sustainable recovery in the present market environment.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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