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

Table of Contents

CoinPedia News

Other articles published on Oct 30, 2024

Wall Street's Billionaire CEO, Who Donated the Most to Trump, Reveals His Bitcoin Portfolio! How ...

Russia to ban Bitcoin mining in key regions due to electricity deficit

The Demand for XLM: A Driving Force Behind Its Price and Availability

The Bitcoin Election: Why Crypto Regulation is Key to Winning U.S. Elections

Coinbase and Visa Partner for Instant Funding on Crypto Accounts

Bitcoin (BTC) nears all-time highs

Join our free newsletter for daily crypto updates!