Major

bullish

DeFi

April

Conflux

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.&nbsp;  
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.&nbsp;  
<h2 class="wp-block-heading" id="h-cfx-price-analysis">CFX Price Analysis</h2>  
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.&nbsp;  
<figure class="wp-block-image size-large"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/30161246/IimARTpg-1024x510.png" alt="CFX price Chart" class="wp-image-374129">
</figure>  
<a href="https://www.tradingview.com/x/IimARTpg/" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a>  
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.&nbsp;  
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.&nbsp;  
The dynamic resistance is a neckline of the recent V-shaped recovery and warns of a new lower-high formation.&nbsp;  
<h3 class="wp-block-heading" id="h-technical-indicators">Technical indicators:</h3>  
MACD: As the bullish resurgence propels the CFX price, the MACD indicator prepares for a bullish crossover.&nbsp;  
EMA: The 50-day and 200-day EMA maintains a lateral trend with the death cross possibility teasing the long-term holders.&nbsp;  
<h2 class="wp-block-heading" id="h-will-cfx-price-hit-0-50">Will CFX Price Hit $0.50?</h2>  
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.&nbsp;  
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.&nbsp;  
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.  
Wondering if CFX will hit $5 in 2024? Find out now in Coinpedia’s well-rounded <a href="https://coinpedia.org/price-prediction/conflux-price-prediction-2024-2030-will-cfx-price-record-a-new-ath/" target="_blank" rel="noopener noreferrer nofollow">CFX price prediction</a>, and subscribe to us for all the latest updates!

Will CFX Price Reclaim $0.50? Fibonacci level Breakout Signals Major Recovery

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