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With the increasing bearishness in the crypto market, the Conflux coin price witnessed a correction phase in February’s Fourth week. The bearish pullback tumbled the prices 48.5% down from the Feb-21st high of $0.3669 and plunged to $0.187 support. Anyhow, this correction phase is a small break period for buyers to replenish the bullish momentum. Thus, the coin price rebounded from $0.187 support with a massive bullish candle hints at an early sign of uptrend resumption.
Key Points:
A combination of technical levels such as 0.5 FIB and 20-day EMA at the $0.187 level creates a strong accumulation zone.
A bullish breakout from the $0.244 will offer buyers a suitable footing to bolster further price rally,
The intraday trading volume in Conflux coin is $852.5 Million, indicating a 201.2% gain.
Source- Tradingview
The conflux coin witnessed a massive inflow in February’s third week and reached a fifteen-months peak of $0.366. However, the coin price reverted immediately as the bull run was excessive for the given time, and the crypto market sentiment turned bearish.
The resulting correction plummeted the altcoin to the combined support of 0.5 Fibonacci retracement and $0.187 support. This correction phase is supposed to recuperate the buying pressure and resume the prior recovery.
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Today, the CFX coin rebounded from the aforementioned support with a 27% jump and currently trades at $0.24. This bullish engulfing candle indicates that buyers are interested in accumulating this coin at dips.
However, the coin price needs a daily candle closing above the immediate resistance of $0.244 to get a better confirmation of the resumption of bullish recovery. The potential breakout could bolster buyers to drive a Conflux coin price back to the $0.366 mark.
On a contrary note, if the coin price is rejected from $0.244 resistance, the coin holder may witness a minor consolidation phase
Technical Indicator
Relative Strength Index: the daily RSI slope managed to hold above the midline despite market correction indicating buying sentiment remains bullish.
EMAs: the 20-day EMA acts as s strong pullback support of the conflux coin rally
Conflux Coin Price Intraday Levels
Spot rate: $0.24
Trend: Bullish
Volatility: Medium
Resistance level- $0.2448 and $0.366
Support level- $0.187 and $015
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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