The post Conflux Soars Over 20% Intraday, Eyeing A Breakout? appeared on BitcoinEthereumNews.com.

The Conflux price has been up nearly 20% today and has sharply reverted from its 52-week low mark of $0.1100. Since the beginning of July, the token has witnessed a notable accumulation and has been uplifted by over 70%. Fueled by the recent surge, the CFX token seemed primed for the next leg of bullishness and was eyeing a significant breakout at press time.  This month, the token has made a strong bottom, around $0.1100, and aided bulls accumulating from there. Afterward, a significant recovery of over 70% was noted, which trapped sellers. The altcoin could continue to stretch its gains, but bulls need to cross the prompt 100-day EMA barrier to provoke the rally. An eventual close above $0.2000 would permit the bulls to trigger the breakout, and further bullish swings can be anticipated. CFX Price Action Analysis The daily chart of Conflux Network (CFX) signified a potential reversal. The token was poised to accelerate gains at the time of writing. It was eyeing to cross $0.2000 for a significant breakout ahead. The CFX price action guided a bullish momentum. A long bullish marubozu candlestick accompanied by a sharp volume surge in the intraday sessions also conveyed that the buyers have gained traction. They would likely dominate ahead. Once the 200-day EMA mark is crossed, a sharp upside toward the 61.8% Fib cluster near the $0.2480 mark can be anticipated soon. When writing, the Relative Strength Index (RSI) curve entered the overbought zone. It displayed a strong bullish stance and signified a potential upside ahead. Similarly, the MACD indicator began to plot the green bars and directed a significant buying pressure. The Conflux Network token was trading at $0.1837 with an intraday gain of 19.20%, signifying massive buying momentum. Its trading volume rose over 120% to $40 Million, and…

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Filed under: News - @ July 28, 2024 10:06 am