- Conflux is showing bullish momentum, crossing key EMA levels.
- CFX price surged by 10% in the last 24 hours, suggesting buyers presence.
Conflux (CFX) has made a remarkable recovery, which has shown strong bullish gains following a long consolidation phase. The altcoin has managed to move above its 50-day and 200-day EMA levels, which is a key technical achievement that indicates a possible change of trend.
The most interesting thing that has occurred on the CFX chart is the creation of a golden cross, with the 50-day EMA ($0.12108) crossing above the 200-day EMA ($0.10995). This bullish crossover pattern is commonly considered one of the most valuable technical indicators of a long-term bullish trend. A golden cross is generally an indicator of the completion of a bearish trend and the start of a new bullish trend, which is especially important in the price trend of CFX.
The technical strength is also confirmed by the market data on CoinMarketCap , as CFX has gained 10% in the recent trading sessions and had an impressive 64% increase in trading volume. This expansion in volume confirms the breakout and indicates that it is a real breakout and not a false breakout. The higher involvement shows that institutional and retail investors are paying attention to the technical enhancement of CFX.
What Next For Conflux (CFX) Price?
Source: Tradingview
The technical indicators are bullish across the board. RSI is at 78.17, which shows a strong momentum, but it is getting close to overbought status, which traders can watch out for to see any pullback in the short term. The MACD indicator has crossed into the positive territory, and the histogram is indicating a growing bullish momentum, whereas the Supertrend indicator is still green, which proves the overall uptrend.
In terms of price structure, CFX has found a good support at the level of $0.20000, and this is the same level that was a resistance previously and has been reversed to support. The nearest resistance level is at $0.25000, which is about a 25% gain above the current price.
The golden cross formation, positive momentum indicators, and the augmented volume indicate that CFX is in a good position to keep moving upwards. Nevertheless, traders are advised to be wary of the high RSI readings and take partial profits around the resistance area and keep some exposure in the market to take advantage of any additional upside in this new bullish trend.
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