Conflux Price Prediction: CFX Gets Rejected by Resistance, Will It Drop Below $0.41141644?

The #Conflux price got rejected by the $0.45148330 resistance for a second time over the last 24 hours. As a result, the crypto could be at risk of retesting the immediate support level at $0.41141644. If bears continue to exert sell pressure on the altcoin at this point, #CFX could lose the support of this significant mark. As a result, the altcoin could fall to as low as $0.37277816. 

This bearish thesis may be invalidated if the Conflux price manages to close a 4-hour candle above $0.45148330 in the coming 12 hours. In this alternative scenario, the crypto may have the technical foundation needed to keep climbing in the following couple of days. This could lead to $CFX rising to as high as $0.48984608 in the short term.

Technicals Warn of a Conflux Price Correction

Technical indicators on CFX’s 4-hour chart suggest the Conflux price may drop more in the coming 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish.

Although the MACD line is positioned bullishly above the MACD Signal line, the prior is collapsing towards the latter. This could be a sign that CFX’s positive trend is losing steam. Meanwhile, the RSI is on the verge of triggering a major bearish technical flag. Currently, the RSI is looking to cross below its Simple Moving Average (SMA) line. An intersection between these two technical indicators is generally seen as a sign that sellers have gained the upper hand against buyers.
The full analysis and trade strategy were originally posted on ecoinimist.com.
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