Published 21 mins ago
Amid the increasing uncertainty in the crypto market, the Conflux Price recovery rally peaked at the $0.49 mark and turned down for a minor correction phase. The resulting downfall has tumbled the coin price by 36.8% and plunged it to the $0.386 support level. This horizontal support aligned with the 0.236 Fibonacci retracement level and offered buyers suitable support to resume a bullish recovery. Can this post-correction rally surpass the $0.49 ceiling?
Key Points:
- A bullish breakout from the $0.366 local resistance sets conflux coin for a 20% rally
- The daily EAMs act as suitable dynamic support during the occasional pullbacks
- The intraday trading volume in Conflux coin is $499 Million, indicating an 89% gain.
Source- Tradingview
On March 26th, the CFX price rebounded from the combined support $0.38 and 0.382 FIB level indicating the buyers’ continued to accumulate at occasional pullback which is a key trait of an established uptrend.
Over the last two days, the Conflux coin price recorded a 26.8% gain and breached the local resistance of the $0.366 mark. Thus bullish breakout indicates an additional confirmation to resume the prevailing uptrend.
Also Read: Best Crypto AI Trading Bots For 2023
As of now, the Conflux coin prices traders at the $0.398 mark and have recovered 50% of the losses witnessed during the recent correction. With sustained buying, the coin price is likely to rise 20% higher to rechallenge the last swing high resistance of $0.49.
Technical Indicator
MACD: despite a recent bearish crossover, the MACD(blue) and signal(orange) lines didn’t spread enough to indicate the buyers are quite aggressive.
EMAs: the 20-day EMA offers strong support during the occasional pullbacks.
Conflux Coin Price Intraday Levels
- Spot rate: $0.41
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.49 and $0.6
- Support level- $0.366 and $0.308
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
