The post Fantom and Conflux Ready to Break Free: Will DeFi Tokens Hit $1? appeared first on Coinpedia Fintech News
Amid the minor pullback in the top altcoins, Fantom and Conflux DeFi Tokens are preparing for the next bullish stage. With ongoing recovery runs, the FTM and CFX price trends are at crucial “Make it or Break it” junctions.
Will the DeFi Tokens in the volatile market find a route to a bullish recovery this October season? Find out now in our FTM and CFX crypto price analysis.
Top DeFi Tokens Ready For A Bull Run:
Fantom (FTM)
With a trend reversal rally in the daily chart, Fantom is making a bullish comeback. The DeFi token has significantly increased by 155% from its 52-week low of $0.2631 to the current market price of $0.6731.
The recovery rally gives a trendline breakout and reclaims the $0.50 psychological mark. Furthermore, during the recovery rally, the FTM price exceeds the 50-day and 200-day EMA, resulting in a golden crossover.
Based on the Fibonacci levels, the recovery rally shifts between the 38.20% and 50% Fibonacci levels at $0.6171 and $0.7175, respectively. This teases a bullish flag pattern in the DeFi token price trend.
A bullish breakout of the 50% Fibonacci level will unleash the trapped bullish trend, potentially resulting in a price jump to the $1.001 psychological mark. Based on the Fibonacci levels, the upside target for the trend reversal stands at $0.81 and $0.96 in the short term.
By the end of this year, the recovery rally, which created a rounding bottom reversal, might hit the neckline at $1.14. In an optimistic case, a breakout run could challenge the 1.618 Fibonacci level at $1.6693.
Wondering if the Fantom price will hit $10 before 2030? Check out Coinpedia’s insightful FTM price prediction for 2024 to 2030.
Conflux (CFX)
In the daily chart, the CFX price action reveals a trendline breakout rally gaining momentum. Taking off from the crucial support at $0.11385, the DeFi token has increased by almost 60% over the past two months.
Based on Fibonacci levels, the uptrend exceeds the 23.60% Fibonacci level at $0.16 and is heading toward the 50% level at $0.24. Furthermore, the recovery rally in the DeFi token surpasses the 50-day EMA and the 200-day EMA during the recovery run. The increased bullish influence teases a golden crossover.
Currently, the CFX price is trading at $0.18 with an intraday gain of 5.60%. The intraday pullback undermines the 6.25% jump the previous night. Meanwhile, the MACD and signal lines remain uncertain and struggle to sustain a positive alignment.
A bullish trend continuation to the 50% Fibonacci level will complete a rounding-bottom reversal with a neckline at $0.24. A bullish breakout will put the $0.51 and $1.31 as the next potential targets. Meanwhile, the crucial support for Conflux stands at $0.16 and $0.11.