The Conflux (CFX) cryptocurrency shows signs of establishing itself for a significant momentum change after months of price decline. The daily price chart of CFX/USDT demonstrates a descending pattern existing within the specified decline parameters. Price action indicates an evolving situation that could transform the current market behavior in the near future.
CFX has maintained its position within a defined descending channel since the end of 2024, creating new price lows that continue to decrease over time. Since last year, the asset has lost its upward momentum, with its price falling from $0.20 to current levels.
At the time of the report, Conflux was trading at $0.07978, indicating a slight decrease of 0.7% over the last 24 hours. The support level sets a clear benchmark at $0.07886, which has recently been tested. Resistance at $0.08324 represents a strong barrier that could allow investors to gain additional profit.
The price has surpassed the upper boundary of the descending channel, and this breakout often leads to a bullish trend reversal. The price chart displays a green projection frame suggesting a growth potential of 100.25%, reaching around $0.1600, while bullish momentum remains.
This breakout attempt shows that bearish strength may be losing power, indicating a possible trend change approaching. A consolidated price movement above the resistance of $0.08324 with significant trading activity will confirm the breakout.
The price may potentially return to test $0.07886 if CFX fails to hold the movement above the breakout point. Success in breaking resistance levels is likely to trigger a price movement towards the target area in accordance with the 100%+ projection shown in the technical analysis.
The Conflux (CFX) blockchain technology is experiencing a crucial turning point after months of price decline. Current signs of upward momentum in the market require traders to seek more evidence confirming that a certain upward market shift has occurred. Investors and traders will closely monitor the upcoming market periods to confirm this potential trend change.
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