The Conflux (CFX) price has experienced a significant drop since it reached its peak of $0.49 on March 19. CFX is hovering just above the long-term horizontal support area of $0.325 and will either rebound or break down through the area in order to determine its future trend. The daily RSI and bearish divergence trendline indicate a bearish outcome as the price may drop to the closest support area at $0.16. The same prediction can be drawn from the six-hour chart as the price is trading below the descending parallel channel's midline. A decrease is likely to happen down to the channel's support line and the 0.618 Fibonacci retracement level at $0.27. The bearish scenario can be invalidated if the price reclaims the channel’s midline. In that case, CFX will have a higher chance to move back up to the channel’s resistance line.



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