coinedition.com
Bears gained the upper hand in the Conflux (CFX) market in the early hours, managing to sink the price to an intra-day low of $0.214 before bulls battled back and drove the price up, leading a bounce to an intra-day high of $0.2462.
As of press time, the bullish dominance had triumphed, and the CFX price stood at $0.2328, a 1.00% gain. This spike was mainly credited to traders with strong positive emotions and increased purchasing pressure, driving the price higher.
Since the market capitalization increased by 0.93% to $588,650,709 throughout the day, there is a resurgence in investor trust in CFX’s potential to gain value over time, and prices will continue to rise. Nevertheless, because 24-hour trading volume declined by 13.42% to $195,410,050, it suggests that traders have yet to act on their increased confidence and are still waiting to see whether the market will rise.
With an ADX value of 22.24 and going south, the present bullish trend in CFX looks to be fading and transitioning in a negative direction. This reading signifies that the price of CFX may fall soon since fewer traders believe the positive trend will continue.
The downward movement of the ADX indicates a forthcoming change in attitude. This motion implies that investors should be aware of the possibility of a bear market and plan to limit their exposure to CFX.
The Rate of Change (ROC) of 1.64 indicates that CFX is approaching a consolidation phase, as the ROC is near zero. While the consolidation phase continues, investors should closely monitor the ADX to ensure they can exit CFX immediately if a negative trend begins.
In the CFX price chart, the Relative Strength Index (RSI) value of 46.80 is moving lower, indicating that the market’s bullish momentum is slowing and negative sentiment is increasing. Moreover, the TRIX indicator is trending downward at -2.92, reflecting the market’s pessimistic mood.
With a William Percent Range reading of -33.08, the bullish tendency in the CFX market has substantially diminished. It has been overshadowed by the market’s negative trend, confirming the CFX price‘s downward momentum. This move warns traders to be prepared for future negative reversals and to invest in defensive methods such as put options or out-of-the-money calls to safeguard their winnings.
The CFX market saw a brief surge, but signs indicate a possible upcoming bearish trend, cautioning traders to be vigilant and consider defensive options.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.