CandleFocus CFX Price In Breakout Zone, Can It Rise 350% After Breakout?
2024-09-19
Author: Content Editor
The Conflux (CFX) price has decreased by 75% in the last six months, disappointing investors. However, the price recently reached a support level and sellers were unable to push it below the crucial $0.120 mark. A crypto analyst suggests that history may repeat itself, as the CFX price saw significant buying in early 2023 and a similar scenario may occur this year. Technical indicators such as the MACD and RSI are showing bullish signals, and the price has displayed bullish momentum in the demand zone. If the price can break through the descending trendline and 200-day EMA, it may result in a bullish breakout. However, it is important to monitor the price closely, as a break below the major support level could lead to sharp selling. The formation of a descending triangle pattern also adds complexity to the analysis.
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