Conflux (CFX) has experienced a 10.48% decrease in the past 24 hours, currently trading at around $0.2872 according to CoinMarketCap. The altcoin has also seen losses against Bitcoin (BTC) and Ethereum (ETH), down 7.54% and 7.01% respectively. CFX has retraced from its daily high of $0.3276 and is currently trading close to its 24-hour low of $0.2857. Its daily trading volume has dropped by 28.77% in the past day, with a total trading volume of around $218,199,318 at press time.
CFX’s price drop follows its breakout below the consolidation channel between $0.3300 and $0.4414 on Wednesday. As a result, the $0.3300 level has been flipped back into resistance on the altcoin’s daily chart. The altcoin’s price remains at risk of further decline in the next 24-48 hours, with a potential 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. Conversely, 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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