Conflux Altcoin CFXUSDT Daily Chart Analysis April 9, 2023
CFXUSDTConflux (CFX) has been experiencing a corrective phase lately, but the bulls are currently defending the 20-day EMA ($0.36), which is a minor positive.
If the price rebounds from the current level, the CFX/USDT pair could aim to reach the downtrend line, which is a crucial level for the bears to protect. A break above this level could lead to a potential rally to $0.44 and $0.49.
However, if the price drops and remains below the 20-day EMA, it could indicate that the bulls are abandoning their positions, leading to more selling. This could push the price towards the next support at $0.30, which the bulls are likely to view as a buying opportunity.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.