CFX jumped 21.26% in 24 hours, pushing toward $0.1277 resistance and challenging a long-term descending trendline.
24h volume rose 117.38% to $104.52M, while market cap increased 21.27% to reach $653.15M.
CFX trades at resistance of $0.1277 with $0.1021 as major support; breakout could target $0.24–$0.25 range.
Conflux (CFX) has spiked hard over the last 24 hours by 21.26% to a price of $0.1278. The new price action finds CFX right on top of an old downtrend line that has not been breached since the start of 2024. This zone of resistance now assumes the role of deciding the near-term price action of the asset.
Source: CoinMarketCap
Interestingly, daily trading volume spiked to $104.52 million—a 117.38% increase—reflecting heightened market activity. In addition, market capitalization went up to $653.15 million, incrementally in line with price action. The breakout attempt now rests just above the $0.1277 resistance level, testing a structure that previously rejected multiple rallies.
Resistance Retest Comes as Volume and Market Cap Spike Sharply
CFX now confronts the upper boundary of a descending channel pattern. Price action previously rejected near this trendline, but today’s volume surge has increased attention on the breakout attempt.
The current move began from a base near $0.1021, which remains a key support level. Price advanced more than 21% intraday, approaching the $0.1277 resistance mark by the time of reporting. These metrics suggest renewed momentum. Additionally, unlocked market capitalization now stands at $640.26 million, slightly lower than the total cap, indicating minimal supply constraints during the current rally.
Breakout Above Channel May Open Door to Higher Targets
The chart outlines a descending channel that has guided price action since late Q1 2024. The upper channel line intersects directly with the current resistance area. A confirmed breakout would place price action above trendline resistance for the first time in over a year.
https://twitter.com/WorldOfCharts1/status/1946801549004751031
Notably, the projected breakout path suggests possible movement toward the $0.2400–$0.2500 region, based on previous channel range. However, any failure to hold above $0.1277 may return the price to the $0.1021 support zone. Volume trends and intraday structure remain key indicators for monitoring sustained movement.
Support Zone Holds as Buyers Maintain Short-Term Control
The $0.1021 level continues to act as critical support, protecting recent gains throughout the rally. During the past week, this area served as the launch point for CFX’s current move. With momentum intact, the focus remains on how price reacts around the $0.1277 resistance level.
Daily price structure also shows higher lows, supporting short-term buying interest. However, traders now await confirmation of a clean breakout or a return to range.
