Shamii

08/04 02:19

Volatility ahead for Conflux: Can CFX explode past

Volatility ahead for Conflux: Can CFX explode past $0.23 resistance?

A move to $0.18, while possible, was not likely, especially if Bitcoin can recover and push above the $115k region.Conflux-Featured-768x432.webp

Conflux saw heightened volatility toward the end of July, with a false breakout from the triangle pattern. As the price approaches the pattern’s apex, the chance of a breakout increases.

Conflux [CFX] was trending higher and had made extraordinary gains in July. The L1 blockchain native token recorded a 297% move from the $0.07 low to the $0.28 high of July.

The swing high could be a sore spot for bullish CFX traders, as the token saw an immediate retracement back toward $0.18 on the 29th of July.

The price action of the past ten days has resembled a consolidation more than a bullish trend. Hence, even though the market structure was in favor of the buyers, traders need to watch out for volatility.

AMBCrypto explained why, with the help of the symmetrical triangle pattern.

#Justin Sun's 35th Birthday Bash#Win 200 USDT: Is ETH Kicking Off Altcoin Season? #Do you think TREE is promising? #Whose “child” is ES — Solana or Ethereum?#HTX Crypto Gifts Carnival Is Live!

1Share