Amidst the relatively stable cryptocurrency market, Conflux (CFX), a public layer-1 blockchain, has experienced a decline in price as sellers have become more active near the resistance level on the price chart. This sudden selling activity has affected Conflux (CFX) in the broader cryptocurrency landscape.
In the previous week, Conflux (CFX) witnessed a significant gain of 11% driven by strong buyer activity. However, as the price approached the immediate resistance range of $0.34-$0.35, the momentum slowed down. Subsequently, bears became more aggressive, leading to a 14.4% decline in CFX price this week.
As of the current moment, the price of Conflux (CFX) stands at $0.2832, reflecting an overnight gain of 9.20%.
Following a reversal from its annual high, the price of Conflux (CFX) cryptocurrency is currently trading within a broad range. Notably, CFX price has broken below an ascending trendline, suggesting a potential decline of over 10% toward the $0.25 support range.
Moreover, the influence of Bitcoin on Conflux (CFX) appears relatively weakened, indicated by a Correlation Coefficient indicator hovering around the 0.30 range. This recent aggressive sell-off coincided with a significant increase in trading volume, which surged over 40% in the last 24 hours, reaching $147 million, as reported by CoinMarketCap.
Looking at the daily price chart, the Ichimoku Cloud suggests a further decline in the upcoming days, as the Leading Span B remains around the $0.268 region.
The RSI indicator has retraced back to the lower zone of the past 15 days, currently at 43, approaching the oversold region. Additionally, the MACD indicator is currently in a neutral position, but the recent bearish crossover has created a negative sentiment among investors.
