The price of Conflux (CFX) has experienced a recent surge, but it seems to be stalling as it encounters resistance from its 20-day exponential moving average (EMA). On July 12, CFX saw an 11.22% increase to retest the 20-day EMA and the Fib 0.236 level at $0.2096. However, in today’s trading session, the CFX price has shown signs of weakness, slipping 1.99% so far and hovering around $0.1973. This pullback could potentially lead to a retest of its immediate horizontal support area. Traders often use the 20-day, 50-day, and 100-day EMA as dynamic support or resistance levels. Currently, the 20-day EMA for CFX is at $0.1996, slightly above the current price, acting as resistance and causing the price to retreat. The next significant EMA, the 50-day EMA, is at $0.2230, posing another challenge for the bulls. If the CFX price can consolidate around the 20-day EMA, a decisive move above this point could inspire a potential rally towards the 50-day EMA. However, this would require a significant increase in trading volume, which is currently down by 23.37%. The relative strength index (RSI) for CFX is currently at 46.29, indicating bearish momentum and aligning with the observed selling pressure in the market. The RSI is not yet in oversold territory, suggesting that the CFX price may have further room to fall before strong buying pressure emerges. The MACD histogram shows a value of 0.0012, indicating that the bulls are attempting to regain control, although not very successfully. A potential bullish reversal signal could be the MACD crossing above the signal line. Overall, the immediate future for the Conflux price seems to lean towards further downside, but traders should watch for signs of a reversal as the price approaches the robust horizontal support area between $0.1708 to $0.1761.
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