The price of Conflux (CFX) has recently experienced a surge, but its upward momentum seems to be slowing down as it encounters resistance from its 20-day exponential moving average (EMA). On July 12, CFX saw a significant 11.22% increase, bringing it closer to retesting the 20-day EMA and the Fib 0.236 level at $0.2096. However, in today’s trading session, CFX has shown signs of weakness, slipping 1.99% and hovering around $0.1973. This pullback could potentially lead to a retest of its immediate horizontal support area.
Traders often look to the 20-day, 50-day, and 100-day EMAs as dynamic support or resistance levels. Currently, the 20-day EMA for CFX is at $0.1996, slightly above the current price, acting as resistance and causing the price to retreat. The next significant EMA, the 50-day EMA, is at $0.2230, posing another challenge for the bulls. For CFX to make a decisive move above the 20-day EMA, it would require a significant increase in trading volume, which is currently down by 23.37%.
The relative strength index (RSI) for CFX is currently at 46.29, indicating bearish momentum and aligning with the observed selling pressure in the market. The RSI is not yet in oversold territory, suggesting that the CFX price may have further room to fall before strong buying pressure emerges. The MACD histogram shows a value of 0.0012, indicating that the bulls are attempting to regain control, although not very successfully. A potential bullish reversal signal could be the MACD crossing above the signal line.
Overall, while the immediate future for the Conflux price seems to lean towards further downside, traders should also be watchful for signs of a reversal as the price approaches the robust horizontal support area between $0.1708 to $0.1761.
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