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Conflux gains 30% in 4 days, bulls could double these gains soon
The post Conflux gains 30% in 4 days, bulls could double these gains soon appeared on BitcoinEthereumNews.com. Journalist Posted: September 28, 2024 Conflux had a bullish daily structure since Monday The heightened volume could see the breakout reach May’s resistance levels Conflux [CFX] had been trading within a range since late June. After threatening to fall out of the range in early July and August, the bulls have battled hard and made a comeback, making 33% gains in four days. The breakout past the three-month resistance at $0.176 meant that a move beyond $0.2 is imminent. The sideways trend was shaken off, and bulls targeted a 40% move upward. Targets for the range breakout Source: CFX/USDT on TradingView In general, a multi-month consolidation phase after a downtrend is typical for assets after a bear market. Such a range formation presented long-term investors with buying opportunities, although it also required high conviction from them to hold on despite short-term volatility. The breakout past $0.176 was on relatively high volume. The DMI showed that a strong uptrend was shaping up, with the +DI well above 20, and once the ADX pushes higher, it would be a good sign for the buyers. The Awesome Oscillator was also above neutral zero. Such a range formation usually rallies at least the width of the range. This meant that a conservative target for CFX bulls was the $0.242 level. This target lines up with the resistance from May. Further north, the $0.265 is also a substantial resistance level from April. Short-term bullish belief Source: Coinalyze On the 23rd of September, the Open Interest on CFX contracts measured $20.9 million at the highest. Over the past four days, it has surged to $45 million. The spot CVD declined massively a couple of days ago, but has recovered since then, cheering up some worried bulls. Realistic or not, here’s CFX’s market cap in BTC’s terms…
The post Conflux gains 30% in 4 days, bulls could double these gains soon appeared on BitcoinEthereumNews.com.
Journalist Posted: September 28, 2024 Conflux had a bullish daily structure since Monday The heightened volume could see the breakout reach May’s resistance levels Conflux [CFX] had been trading within a range since late June. After threatening to fall out of the range in early July and August, the bulls have battled hard and made a comeback, making 33% gains in four days. The breakout past the three-month resistance at $0.176 meant that a move beyond $0.2 is imminent. The sideways trend was shaken off, and bulls targeted a 40% move upward. Targets for the range breakout Source: CFX/USDT on TradingView In general, a multi-month consolidation phase after a downtrend is typical for assets after a bear market. Such a range formation presented long-term investors with buying opportunities, although it also required high conviction from them to hold on despite short-term volatility. The breakout past $0.176 was on relatively high volume. The DMI showed that a strong uptrend was shaping up, with the +DI well above 20, and once the ADX pushes higher, it would be a good sign for the buyers. The Awesome Oscillator was also above neutral zero. Such a range formation usually rallies at least the width of the range. This meant that a conservative target for CFX bulls was the $0.242 level. This target lines up with the resistance from May. Further north, the $0.265 is also a substantial resistance level from April. Short-term bullish belief Source: Coinalyze On the 23rd of September, the Open Interest on CFX contracts measured $20.9 million at the highest. Over the past four days, it has surged to $45 million. The spot CVD declined massively a couple of days ago, but has recovered since then, cheering up some worried bulls. Realistic or not, here’s CFX’s market cap in BTC’s terms…
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