CFX Takes a Dive: Short-Term Bearish Cycle Leaves Investors on Edge

"Conflux (CFX) Plummets by Over 10% in 24 Hours, Suffers Losses Against Bitcoin and Ethereum"

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.

It is important to note that the views and opinions shared in this price analysis are published in good faith. Readers must conduct their own research and due diligence, and any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Martin Reid

Martin Reid

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