Short-term selling pressure drives Conflux lower in crypto markets

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Conflux drops 7.63% today to $0.0484

Highlights

CFX/USD remains under broad bearish pressure, trading below key moving averages across multiple timeframes.
Momentum indicators are mixed, with most signaling sell conditions but some suggesting the potential for a short-term rebound from oversold territory.
Price is likely to consolidate between $0.0463 and $0.0505 over the next two to three days, with resistance at $0.0508 and a slight upward bias.

Bearish pressure holds as momentum signals remain split

On the h1 chart, CFX/USD is trading below the MA-20 and MA-50, and it remains under the MA-200 on the daily timeframe. The Ichimoku Kijun level at $0.0508 serves as immediate resistance, while support is seen near $0.0463. MACD signals continued selling pressure, and ADX indicates the trend is strong. Both RSI and CCI show the market is in a sell condition; however, Stoch RSI suggests a strong buy, highlighting a possible oversold rebound attempt. The Bull/Bear Power indicator shows sellers still dominate intraday, while the Awesome Oscillator is neutral.

Consolidation likely as breakout risk shifts to resistance

Over the next 2 to 3 trading days, CFX is expected to trade within a typical volatility range of $0.0463 to $0.0505. The probability of an upside move is 55%, making a downside move less likely at 45%. The baseline expectation is for price to consolidate within this band. A break above the $0.0508 resistance could trigger further gains, while a drop below $0.0463 would increase the risk of new lows.

Viktoras Karapetjanc, expert at Traders Union, believes Conflux (CFX) is experiencing notable selling pressure but sees room for a technical rebound. He notes that most momentum indicators are tilted bearish, though oversold signals suggest a possible short-term bounce. With resistance at $0.0508 and support at $0.0463, he expects the price to trade within this range. 'If CFX manages to break above $0.0508, I see a good chance for recovery in the near term,' Karapetjanc says.

Earlier, analysts noted that Conflux was experiencing persistent bullish momentum but cautioned that emerging mixed signals could increase the risk of a short-term reversal. The current setup, with CFX under key moving averages and most technical indicators leaning bearish, signals a shift toward consolidation, making a retest of support at $0.0463 a key risk to monitor in the coming days.

Source of Data: CFX Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.