Conflux (CFX) has shown significant recovery after a long consolidation, entering a bullish trend with a 10% increase in the last 24 hours.
Bullish Momentum and EMA Levels
Conflux (CFX) has managed to cross important moving average levels, including the 50-day and 200-day EMA, which is a key technical achievement. This indicates a possible change in market trend.
Golden Cross Formation
Among the notable changes on the CFX chart, the creation of a golden cross has occurred. The 50-day EMA ($0.12108) crossed above the 200-day EMA ($0.10995). This pattern is often considered a reliable indicator of a long-term bullish trend, signaling the completion of a bearish trend and the beginning of a new bullish one.
Future Projections for CFX Price
Technical indicators also confirm a bullish sentiment: the RSI stands at 78.17, indicating strong momentum but nearing overbought territory. CFX has found good support at the $0.20000 level, previously a resistance level. The nearest resistance is at $0.25000, corresponding to a potential 25% increase.
In conclusion, Conflux (CFX) demonstrates optimistic signs in the market; however, traders are advised to be cautious of high RSI readings and consider partial profit-taking.
