In the vast landscape of the cryptocurrency market, Conflux (CFX), a public layer-1 blockchain, has emerged as one of the day’s top gainers from the list of top 100 coins. Over the past 24 hours, the price of Conflux (CFX) has experienced a remarkable surge, increasing by approximately 19.2%.
At the time of writing, the current trading price stands at $0.34. Furthermore, CFX has actively participated in this year’s bullish market trend, with an impressive growth of over 260% according to CoinMarketCap data.
Traders Found Hidden Bullish Sign in Weekly Chart
During the second week of May, Conflux (CFX) displayed a bullish signal on the weekly price chart in the form of a Hammer candle. This candlestick formation appeared just above the 20-week simple moving average, serving as a catalyst for a significant price surge. As a result, bulls experienced an impressive pump of nearly 28% over the past 10 days.
In the current week, buyers have taken charge of the market, leading to a substantial increase of approximately 14% in altcoin prices. This positive momentum is further supported by the RSI indicator, which currently sits within the range of 62, indicating a favorable scenario.
A significant surge in trading volume has been witnessed, with a staggering increase of nearly 165%, reaching a total of $340 million. This surge in buying and selling activity indicates substantial market participation.
Conflux (CFX) is currently making its way toward the $3.5 resistance zone on the daily price chart, having successfully surpassed the 50-day SMA. This achievement instills confidence among bulls, as CFX’s price remains above all significant SMAs, including the 20, 50, 100, and 200.
The MFI indicator reveals a bullish divergence, as it forms higher lows above the support line. Additionally, the RSI is poised to surpass the 60 range and enter the positive region. These technical indicators provide favorable conditions for bulls. However, they still need to overcome the immediate bullish hurdle in order to propel Conflux (CFX) toward the $0.45 resistance level.
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