Is it Too Late to Buy Conflux? CFX Pumps Up 11% in 24 Hours and Mr. Hankey Coin Presale is Launching in Less Than 24 Hours – 100x Potential?
The recent bullish surge in the price of Conflux (CFX) appears to be stalling, as the cryptocurrency faces a notable resistance in the form of its 20-day exponential moving average (EMA).
On July 12, CFX advanced 11.22% to retest the 20-day EMA and the Fib 0.236 level at $0.2096.
However, in today's session, the CFX price is showing signs of weakness as it slips down 1.99% so far today, teetering around $0.1973.
This pullback could potentially pave the way for a retest of its immediate horizontal support area.
From a technical standpoint, the 20-day, 50-day, and 100-day EMA are often used by traders as dynamic support or resistance levels.
The current 20-day EMA for CFX stands at $0.1996, slightly above the current price. This EMA level appears to be acting as resistance, causing the CFX price to retreat.
The next significant EMA, the 50-day EMA, is at $0.2230, marking another potential challenge for the bulls.
Despite the immediate bearish scenario, if the CFX price can consolidate around the 20-day EMA, a decisive move above this point could inspire a potential rally toward the 50-day EMA.
This would, however, require a significant increase in trading volume, which at present is down by 23.37% so far today.
Another key consideration in this technical analysis of CFX price is the relative strength index (RSI), which currently sits at 46.29.
An RSI value below 50 indicates bearish momentum, which aligns with the selling pressure observed in the market.
However, the RSI is not yet in oversold territory (below 30), implying that the CFX price may have further room to fall before strong buying pressure emerges.
The MACD histogram also provides interesting insights. MACD histogram currently shows a value of 0.0012, indicating that the
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