MEXCHere’s Why Conflux Price Recovery Set for Another 20% Rise; Enter Now?
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
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