Conflux Price Prediction: Bullish Triangle Breakout Sets CFX Price on 12% Rise
Conflux Price Prediction: The parabolic growth in conflux coin recently made a high of $0.877 and turned sideways in response to indecisive market sentiment. The resulting sideways trend showed the prices resonated within two converging trendlines, revealing the formation of the symmetrical triangle pattern. Moreover, the coin price recently breached the pattern’s resistance trendline suggesting the resumption of a bullish recovery.
Key Points:
- The formation of a symmetrical triangle pattern sets the Conflux price for a 12% rise.
- A minor pullback to $0.4 is plausible before the uptrend resumes.
- The intraday trading volume in Conflux coin is $494.5 Million, indicating a 244% gain.
Source- Tradingview
In the 4-hour time frame chart, the conflux coin price showed the formation of a symmetrical triangle pattern. In theory, this bullish continuation pattern offers a short break period where the selling pressure gets absorbed and buyers show sustainability above the higher price.
On April 10th, the CFX price gave a decisive breakout from the triangle pattern’s resistance trendline as a sign of releasing the build of bullish momentum and resumption of the prior recovery. As of now, the coin price trades at the $0.439 mark and faces rejection at a local resistance of $0.44.
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If the selling pressure persists, the coin price may witness a minor pullback to retest the breached trendline or $0.4 and offer an entry opportunity.
Having said that, the symmetrical triangle pattern resulted on a bullish note preparing the Conflx coin for a 12% jump to reach the last swing high of $0.11.
Technical Indicator
MACD: the MACD(Blue) and signal(orange) lines jumped above the midline projecting a buy sign.
Bollinger Band: the rising price pushed through the Bollinger band’s upper band indicates the buying pressure is too aggressive and thus a minor pullback is expected to stabilize the bullish rally.
Conflux Coin Price Intraday Levels
- Spot rate: $0.43
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.43 and $0.448
- Support level- $0.4 and $0.35
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