Conflux price analysis: CFX unable to breach resistance at $0.7, what’s next?

Conflux price analysis

TL;DR Breakdown

  • Conflux price analysis for today is bullish for the day.
  • CFX/USDT trading pair was not able to breach the resistance at $0.7.
  • The nearest support is at $0.56.
  • If the support holds, we might expect bulls to push, try and push through.
  • If support breaks, the next support is present at $0.25.

Conflux price analysis is quite intriguing today as the cryptocurrency rose from $0.02 to $0.08 from 18th to 19th September. This huge surge in the price of the coin brought the attention of a lot of investors and crypto enthusiasts. According to the data by Coinmarketcap, the trading volume for this cryptocurrency saw a surge of over 5283.61% and is currently at $1,694,706,636.33.

The market cap of the cryptocurrency has also surged by 142.65% and is currently at $646,562,846.61. With this fantastic record, the CFX/USDT pair has become the playground for many investors and day traders who have already placed their buying and selling orders. The current price of the CFX/USDT pair rests at $0.6, and the resistance is present is $0.7. This resistance remains unbroken as the coin dropped down from $0.8.

In the long term, we can expect CFX to surge to $1, but for the short term, we can expect the price to try and break the resistance at $0.7. Support levels are present at $0.56, and if they don’t hold, the price may drop down to the nearest support at $0.25. But, it is improbable that the support at $0.56 will be broken. Let us dive deeper into our Conflux price analysis for the short term.

Conflux price analysis: Technical indicators still bullish

Our Conflux price analysis for today is bullish, as visible from the 4-hour charts below. There are a few technical indicators that will help us better understand the price action of the CFX/USDT trading pair on Binance for the short term. In the figure below, a huge candle can be seen that led to a price surge of around 144%. The candle opened at $0.3 and closed at $0.6. This 4-hour candle is the reason why today CFX is trading at $0.65.

Considering the price movement in the Bollinger Bands, the current price is above the 100-day as well as the 50-day Moving Averages. These key Moving Averages are crucial and confirm the bullish trend for the CFX/USDT pair. Furthermore, the Bollinger Bands were narrow and constricted from 10th to 18th September. But, the huge green candle led to an explosion of the Bollinger Bands as the price movement broke out of the upper end of the Bands.

Conflux price analysis
Conflux price analysis on the chart by TradingView

The Conflux price analysis for today has proven to be bullish, and this is what the RSI and the MACD indicators show. The MACD indicator currently witnesses bullish divergence wherein the MACD, or the blue line, went above the signal or orange. This movement is called a bullish divergence, and as a result, we saw a lot of green bars in the histogram, as visible in the 4-hour graph below.

The RSI levels are in the oversold zone at 81, and this means that the buying pressure has exceeded the selling pressure by a huge margin. But, the gradient has now turned natural from positive, and this could mean a bearish trend for the CFX/USDT pair according to our Conflux price analysis.

Conflux price analysis: CFX unable to breach resistance at $0.7, what's next? 1
Conflux price analysis on the chart by TradingView

Conflux price analysis: Conclusion

The conclusion for the Conflux price analysis can be made on a bullish note for the long term as well as the short term. This means that the CFX/USDT pair price definitely rises in the long term as well. For our long-term predictions for multiple cryptocurrencies, you can visit here.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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