Is CFX's Breakout a False Alarm or the Start of a Major Rally ?

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Conflux (#CFXUSDT) has been in a prolonged downtrend for the past 4-5 months but has finally broken out of its descending channel.

This breakout, supported by a strong push from the $0.130-$0.138 major support zone, has sparked speculation of a potential massive rally.

However, this rally faces significant challenges. For #CFX to gather real bullish momentum, it needs to clear the minor resistance at $0.226.

A successful break of this key level, accompanied by increasing trading volume and support from the 20EMA, could trigger a more substantial surge toward the next major resistance.

If the momentum slows, traders should watch for a potential retest of the $0.130-$0.138 support zone. If this area holds, the rally could continue; if not, #CFX might face a pullback toward $0.113. A break below this level would hand control back to the bears, likely leading to deeper corrections and dimming the bullish outlook in the short term.

Conclusion & Advice :

#CFX has shown signs of breaking free from its downtrend, but traders should proceed cautiously. Clearing the $0.226 resistance is crucial for further bullish moves. Watch for potential pullbacks, and manage risk wisely by keeping an eye on the support zones at $0.138 and $0.113. Trading in such uncertain conditions demands vigilance and strategic planning.