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The Conflux price pumped over 2% in the last 24 hours to trade at $0.2547 at press time.
Conflux Price Overview
4-hour chart for CFX/USDT (Source: TradingView)
The recent movements by the Conflux price on the 4-hour chart reveal intriguing dynamics that investors and traders might want to consider. Over the last five sessions, the closing prices have displayed a mild upward trend, peaking at $0.2545 before a slight retreat to $0.2503. This pattern suggests a possible resistance area around $0.2577, with further potential ceilings at $0.2652 and $0.2703.
The technical indicators provide a deeper insight into the market’s behavior. The 9 Exponential Moving Average (EMA) and the 20 EMA both show a convergence upwards, with the 9 EMA recently positioned above the 20 EMA ($0.2514 vs. $0.2480). This is generally a bullish signal, indicating that the shorter-term price momentum is gaining over the longer-term trend.
Moreover, the Moving Average Convergence Divergence (MACD) values enhance this bullish outlook. Over recent periods, the MACD line has consistently stayed above the signal line, reflecting increasing momentum. However, the histogram, which measures the distance between the MACD and its signal line, is showing signs of narrowing (from 0.0013 to 0.0006). This could imply a potential slowdown in upward momentum or the onset of a corrective phase.
The Relative Strength Index (RSI) supports this view, having peaked at 57.38 and subsequently receded to 52.92. An RSI level between 50 and 70 typically indicates a stable or bullish market but nearing the upper range can often suggest overbought conditions, thereby raising the probability of a pullback.
Potential Trade Strategy
In terms of trading strategy, considering the current technical setup, traders might look to initiate long positions near the support levels of $0.2472 and $0.2441, with a stop-loss just below $0.2423 to protect against unexpected downturns. On the flip side, considering short positions might be prudent if the price consistently fails to break above the $0.2577 resistance, targeting lower supports while setting a stop-loss slightly above the resistance levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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