#CFX
From a daily macro perspective, the price trend of CFX/USDT has experienced significant fluctuations over the past few months.
July 2023 to December 2023: The price experienced a period of shock consolidation, with the bottom near 0.1000. During this period, the MA50, MA60, MA200 and MA177 moving averages crossed multiple times, indicating that the market is looking for direction.
December 2023 to March 2024: The price gradually moved upward, breaking through multiple resistance levels, reaching a maximum of 0.5511. During this period, the moving averages showed a bullish arrangement, especially when MA50 broke through MA200 in early January 2024, forming a golden cross signal and confirming the upward trend.
March 2024 to May 2024: The price quickly fell back from the high of 0.5511, fell below the MA50 and MA200 moving averages, and is currently hovering around 0.2206. The recent moving averages have shown a bearish arrangement, with the MA50 and MA200 moving averages diverging downward, suggesting weak price trends in the short term.
Short term forecast:
- Moving average analysis: The MA50 and MA200 moving averages continue to move downward, indicating that prices may continue to decline in the short term. However, the current price is around 0.2206, close to the middle track of the Bollinger Band (0.2169), which has a certain supporting effect.
- Oscillatory range: If the price can maintain above 0.2200, a rebound may occur in the short term, with the target overhead resistance between 0.2500 and 0.2750.
Long term forecast:
- Moving average trend: MA60 and MA177 moving averages still maintain a certain upward trend, indicating that prices have the potential to rebound in the long term. We need to pay attention to whether the price can regain the important moving average of MA200 (currently at 0.2389).
- Judgment of the general trend: If the price can steadily break through 0.25 and the moving average re-forms a long arrangement, it is expected to usher in a new round of rising prices, and the long-term target may be above 0.30. $BTC #ETH #BNB
