Conflux (CFX) price prediction: After a strong rise of 297%, it enters a consolidation phase, and the triangular pattern suggests a potential breakout.

Conflux (CFX) performed strongly in July, soaring from a low of $0.07 to a high of $0.28, a rise of 297%. The current price has pulled back to around $0.18 and is showing a symmetrical triangle consolidation pattern. Technical Analysis suggests that a new round of breakout may be imminent. Encryption traders need to pay close attention to the breakout situation at the resistance levels of $0.218 and $0.23.

CFX enters a consolidation range after a surge in July Conflux's native token CFX achieved nearly three times growth in July, but then experienced a pullback on July 29, with the price quickly dropping from a high of $0.28 to $0.18. Although the market structure still favors the bulls, the recent 10-day trend shows that CFX is in a consolidation phase rather than a continuous rise.

Symmetrical Triangle Pattern: A Signal of Volatility Convergence From a technical perspective, the current price trend of CFX has formed a typical symmetrical triangle. AMBCrypto points out that this pattern usually indicates a decrease in market volatility, but also foreshadows an impending sharp fluctuation or price breakout. Coupled with the previous strong rise, many traders expect an upward breakout.

A pullback to the lower edge is not bad news Currently, CFX has dipped near the lower edge of the triangle at $0.18, and a brief breakdown may occur to create a false breakout, followed by a strengthening move. Therefore, for traders who have entered or are planning to enter, there is no need to worry too much about this area; rather, it is a key point to observe the potential support effect.

(Source: TradingView)

Key resistance levels: $0.218 and $0.23 In the short term, $0.218 and $0.23 are the most important resistance levels for CFX. Once these two price levels are effectively broken and turned into support levels, it will provide favorable entry points for swing traders to go long. The upward target after the breakout may point to $0.24 or even higher.

(Source: TradingView)

The liquidation heatmap supports short-term rise expectations From the liquidation heatmap of the past two weeks, $0.18 and $0.236 are the key magnetic zones in the current market, highly coinciding with the boundary area of the symmetrical triangle. This suggests that the price is likely to enter a new round of fluctuations in this range, moving towards $0.24.

Conclusion: Although CFX has pulled back from its high point, the overall trend still leans towards a bullish consolidation. If it can break through the key resistance level, it may continue the upward trend. Traders should closely follow the interaction between the price and the triangular formation to find the best entry point.

CFX2.95%
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VeteranAwakenervip
· 15h ago
Hold on tight, we are about to To da moon 🛫
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