- Recovery has been seen in the CFX coin.
- Conflux (CFX) is currently trading at $0.256346 with a rise of 1.03% in the 24 hours.
- The Conflux price is observing an increase of 37.48% in the last 7 days.
Trend Evaluation
By evaluating the price data of the CFX coin, it can be said that it is in a downtrend currently. The price inclined by 37.48% in the last seven days and we can say that Conflux performed well last week. From its peak price of $1.70, it fell -85.04% in the last 2 years. The coin demolished the major investor’s wealth. The current market sentiments are looking good about the coin because the good volume is present in Conflux for now. Tough competition among buyers and sellers has been seen recently.
Conflux (CFX) Technical Analysis
The price of Conflux (CFX) has slipped above 50 and 200 EMA, which suggests that the price is in a bullish trend. There is a possibility that the coin’s value will grow further in the upcoming week if the buyers continue to push the price in an upward direction. The price has been broken on 200-day and 50-day which shows that bulls are taking power from bears. A golden cross has also been seen in the chart between 50-day and 200-day EMA.
The technical indicator MACD is also in the negative zone. The MACD line at -0.01034006 and signal line at -0.02131734 is below the zero line, suggesting that the MACD is in negative territory but it is heading toward the positive zone.
The current value of RSI is 58.50 points. The 14 SMA line is currently below the median line, around 35.53 points which shows bearish sentiment in the market. The 14 Day SMA line below the median line indicates a bearish trend. The bullish sentiment spreads around the market as the price is currently heading toward the overbought zone.
Trendline Analysis:
The price has respected its significant 200 EMA support, and it is going toward resistance.
If the price breaks the trendline, then it will go up to the next resistance and if it gets rejected by the resistance, then it will come back to the current support.
Volume Analysis:
Conflux (CFX)’s trading volume of 24 hours is $149799082, with a 40.20% decrease in volume in the last 24 hours. There is a significant decline in the volume of the coin.
Summary
CFX is trying to recover. The price action suggests that the price may grow more in the upcoming days if it broke its primary trendline resistance level. CFX price shows an optimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD give positive signals about the Conflux coin. The hope is growing among investors because of the good performance of the coin lately. Buyers’ support for the coin will result in recovery for the coin.
Technical Levels:
Support – The current support level of CFX is $0.167.
Resistance –The current resistance level of CFX is $0.348.
Disclaimer
The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.
