The post Will CFX Price Reclaim $0.50? Fibonacci level Breakout Signals Major Recovery appeared first on Coinpedia Fintech News
With a resurgence in buying pressure, the CFX price is back in action and ranks among the top 24H performers. Conflux has risen nearly 4% in the last 24 hours and approaches the $700M market cap.
With a new recovery run in the daily chart, will the CFX price reach the $0.50 psychological mark? Find out more about the Conflux price trend in our detailed analysis.
CFX Price Analysis
In the daily chart, CFX price action shows a falling channel breakout rally struggling to gain momentum. After a bullish failure to sustain dominance above the 200-day EMA and the 38.20% Fibonacci level at the $0.20 psychological mark, the CFX price dropped below the 50-day EMA.
After making a recent low at $0.1290, the DeFi token is back in action. As the broader market recovers, the altcoin has recovered by 18.09% in the past 5 days from its 7-day low at $0.1290.
Currently, it is trading at $0.1526 with an intraday pullback of 1.87%. The intraday pullback faces opposition from the 50-day EMA at $0.1574.
The dynamic resistance is a neckline of the recent V-shaped recovery and warns of a new lower-high formation.
Technical indicators:
MACD: As the bullish resurgence propels the CFX price, the MACD indicator prepares for a bullish crossover.
EMA: The 50-day and 200-day EMA maintains a lateral trend with the death cross possibility teasing the long-term holders.
Will CFX Price Hit $0.50?
The 23.60% Fibonacci level breakout is likely to test the 38.20% level or the $0.20 psychological mark. However, for a sustained recovery, the uptrend must break above the $0.20 mark. This will increase the chances of a golden crossover between the 50-day and 200-day EMA and face the crucial resistance of 50% Fibonacci level at $0.2425.
The $0.2425 resistance level has resulted in multiple reversals between April and May and will likely consolidate market prices. In case of a broader market recovery, the 50% Fibonacci level breakout is likely to hit the $0.51 mark or the apex of the falling channel pattern.
Hence, if conflux exceeds the $0.24 psychological mark in November, the chances of reclaiming the psychological mark of $0.50 will significantly increase. Conversely, the crucial support for the altcoin remains at the $0.15 psychological mark and $0.11 psychological mark.
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