CFX/USDT – Potential Trading Opportunity After Price Decline
The CFX coin has witnessed a decline of over 10% from its recent peak. This retracement may represent an opportunity for traders looking for strategic entry points.
Technical Analysis:
* Support Levels: The current price is trading near a support level at $0.1784.
* Relative Strength Index (RSI): The four-hour chart shows indications that the price may be in the oversold zone, which could support the likelihood of a rebound.
* Critical Area: If selling pressure continues, the price may test a stronger support area between $0.1660 and $0.1700.
Potential Buy Scenario:
* Entry Point: $0.1700 – $0.1750
* Targets: $0.1880 then $0.1980
* Stop Loss: $0.1620
Potential Sell Scenario (in case of breaking support):
* Entry Point: Upon breaking the price below $0.1660
* Targets: $0.1580 then $0.1500
* Stop Loss: $0.1720
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Note: This analysis is not investment advice. Trading cryptocurrencies involves high risks, and every trader should conduct their own research and make decisions based on their personal strategy.
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