Conflux (CFX) is showing signs of a possible trend change after an extended price decline. Market analysis indicates potential growth for the asset.
Conflux (CFX) Exits Long-Term Downtrend
The cryptocurrency Conflux (CFX) demonstrates signs of potential momentum change following months of price depreciation. The CFX/USDT price chart shows a prevailing downward pattern that may shift in the near term.
Potential for Conflux (CFX) Growth
As of now, Conflux is trading at $0.07978, marking a slight 0.7% decrease over the last 24 hours. The support level is set at $0.07886, which has been recently tested. Meanwhile, the resistance at $0.08324 may provide opportunities for additional gains. A break above the upper limit of the descending channel could initiate a bullish trend with a potential 100.25% increase, approaching $0.1600.
Analysis of Future Trends
This attempted breakout indicates that bearish strength might be diminishing, suggesting that a trend shift may be forthcoming. Consolidated price movement above the $0.08324 resistance, alongside significant trading activity, will validate the extension of the bullish movement. Should CFX fail to maintain levels above the breakout point, the price may revisit $0.07886. Success in breaking through resistance levels will likely drive price movement toward the target area in line with the 100%+ projection.
Current signs of upward momentum in the market require more evidence for traders to confirm that a definitive market shift upward has transpired. Investors and traders will closely monitor upcoming market periods to affirm this potential trend change.
