CFX’s Price Recently Entered Into a Short-Term Bearish Cycle
- Conflux (CFX) experienced a 10.48% price decrease over the last 24 hours.
- This decline in the altcoin’s price over the last 24 hours follows a recent break below a consolidation channel.
- CFX’s price will need to close today above $0.267 if it wants a chance to recover.
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.
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