CFX’s Price Recently Entered Into a Short-Term Bearish Cycle

Conflux (CFX) printed a 24-hour loss according to CoinMarketCap. At press time, the altcoin is trading at around $0.2872 following a 10.48% decrease in the past day. The altcoin also printed 24-hour losses against Bitcoin (BTC) and Ethereum (ETH). As a result, CFX is currently down 7.54% against BTC and 7.01% against ETH.

The altcoin has retraced from its daily high of $0.3276 to trade at its current price, and is currently trading close to its 24-hour low of $0.2857. CFX’s daily trading volume has also dropped over the last 24 hours, with the total trading volume for CFX at around $218,199,318 at press time. This is a 28.77% drop in the altcoin’s trading volume in the past day.

Daily chart for CFX/USDT (Source: TradingView)

CFX’s price drop over the last 24 hours comes after the altcoin broke out below the consolidation channel between $0.3300 and $0.4414 on Wednesday. As a result of this, the $0.3300 level was flipped back into a resistance on the altcoin’s daily chart.

At press time, the altcoin’s price remains at risk of dropping further in the next 24-48 hours. Should this bearish thesis play out, CFX could see its price drop to the next key support level at $0.267. One technical flag that has recently flagged bearish for CFX is the 9-day EMA line crossing below the 20-day EMA line, which adds credence to the bearish outlook for CFX.

Should CFX’s price drop below the $0.267 support before the end of today’s trading session, then there is nothing stopping the altcoin’s price from declining down towards $0.218 in the next few days. On the other hand, a close above the aforementioned $0.267 mark today may result in CFX’s price oscillating between $0.267 and $0.3300 in the next 24-48 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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