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The cryptocurrency trader and investor EliZ¥ predicted in an X post yesterday that the price of Conflux (CFX) may continue to rise in the coming few days. This was after the altcoin broke above a key resistance level identified by the trader yesterday morning. Subsequently, the cryptocurrency was trading below a negative trend line at the time the post was published.
$CFX entered h ago exactly where indicated…possible continuation up in the next few days…but trade already in profit pic.twitter.com/cv3kszuFfo
— EliZ¥ (@eliz883) September 16, 2023
CFX’s price was able to break above the negative trend line that had formed on its charts over the past 8 hours. At press time, however, the cryptocurrency was trading slightly below this level after it retraced from the high that it reached in the latest 4-hour candle at $0.1264.
Zooming out to the daily timeframe revealed that a significant short-term bullish technical flag was on the verge of being triggered on CFX’s chart. At press time, the 9-day EMA line was attempting to cross above the 20-day EMA line. If these 2 technical indicators cross, it will signal that short-term momentum has shifted in favor of bulls.
Subsequently, CFX’s price may rise in the following 24-48 hours. If this bullish technical flag is validated, then the altcoin’s value may rise to $0.1400 in the following few days, which was also the immediate resistance level on CFX’s chart. Thereafter, continued buy support could lead to CFX flipping the level into support and continuing its ascent to as high as $0.1715.
On the other hand, CFX failing to close a daily candle above the negative trend line within the coming 48 hours will invalidate the bullish thesis. In this scenario, the altcoin’s price may correct – resulting in CFX dropping to the key support level at $0.1090 in the next week.
Meanwhile, CoinMarketCap indicated that CFX was trading at $0.1218 after it achieved a gain of 0.87% over the past 24 hours. Moreover, CFX recorded a 34.64% uptick in its daily trading volume as well – taking the total to $27,199,875.
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