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Conflux (CFX) Bulls Battle For Dominance, Will The 7 Day Rally Hold?
- The bullish momentum is currently consolidating with CFX price rising to a 7-day high.
- However, a downtrend is looming as the CMF approaches negative territory in the CFX price chart.
- The current bullish strength is still high, indicating a possible price increase.
The bulls won a bullish war for control of the Conflux (CFX) market, which pushed the price from an intraday low of $0.2823 to a 7-day high of $0.3253 in hours. The price’s 9.50% rise to $0.3158 indicates that the upbeat sentiment remained strong during press time.
CFX’s market capitalization and 24-hour volume increased by 9.26% and 48.91% to $909,189,982 and $267,849,809, respectively. If the bulls break the 24-hour high at $0.3253, the next resistance could be $0.3350. However, if bears take control, the support level to watch is $0.3050.
CFX USD price chart 24 hours (Source: CoinMarketCap)
The Chaikin Money Flow (CMF) on the 2-hour CFX price chart is heading towards the “0” line as it enters negative territory with a value of -0.00. This CMF move indicates that there is now a dearth of buying pressure in the market and that the sellers may be gaining control.
The Money Flow Index rating is 69.29, and sliding south indicates the possibility of a negative trend in the market. This movement indicates that traders are taking profits after the market reached a 7-day high in the past few hours.
If the MFI moves below 50, this could indicate a more significant negative trend, and traders should liquidate their holdings.
Chart (Source: TradingView)
The recent decline of the RSI indicator below its signal line with a value of 62.77 indicates that bullish strength in the CFX market is waning. If the stochastic RSI drops below the oversold level of 30, this could indicate a possible trend reversal. However, since it has not been verified yet, traders should be careful and actively follow the market.
The movement of the MACD line in the positive area with a value of 0.01173137 and above its signal line indicates that the bullish force in the market is still strong.
This shows that buyers are more active than sellers, which can lead to an increase in prices. The MACD histogram similarly displays an uptrend, with an upward slope indicating that the momentum is on the side of the bulls.
CFX/USD Chart (Source: TradingView)
In conclusion, CFX is showing signs of bullish strength with rising market capitalization and trading volume, but caution is advised as negative trends may emerge.
Disclaimer: The views, opinions and information shared in this price forecast are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
Post Conflux (CFX) Bulls Battle For Dominance, Will The 7 Day Rally Hold? It first appeared in Coin Edition.
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