The cryptocurrency Conflux (CFX) has recently marked a sharp price increase, catching the attention of market participants.
CFX Price Rally
Conflux (CFX) has shown strong upward momentum since early July, starting from a price level of $0.0915. A classic 'bull flag' pattern can be observed on the charts, typically indicating a continuation of a positive trend. With the current price around $0.22, CFX has surged through multiple resistance levels.
Current Indicators and Support
Currently, the Moving Average Convergence Divergence (MACD) indicator shows a decline in the red histogram, indicating a possible correction. Support is noted at $0.1962, which may serve as a key point in case the price drops.
Future Outlook for CFX
If the CFX price falls below the lower trendline, it could lead to a retest of the support level of $0.2023. Breaking through the flag might push CFX higher to test the resistance at $0.2572 and potentially the $0.28 range.
The market is keeping a close eye on CFX's movements, with future actions dependent on maintaining key support and resistance levels.
